Business Stagnating? Here’s What to Do

Businesses can feel like they’re stagnating for many reasons. Sometimes, small companies see a potential for growth and jump at the opportunity too soon only to find out after that the demand isn’t there yet. Other times, innovation takes a back seat when demand is high and requires all the attention. The reality is that often times, entrepreneurs feel stagnant and bored when things are actually going smooth. But the things that feel dull in a company are also the things we look to shake things up. Here are just four things to look at when you think your business is at a standstill.

 

Look to Your Customers

Many businesses get exhausted constantly asking who their ideal customer is and what they want. Instead of asking these questions to yourself and your team, ask your customers. Send out surveys with rewards. Listen to the feedback you receive and the ideas that come from it. Keep those customers engaged and involve them in the conversation rather than talking at them about new ideas.

 

Ask for Help in All the Right Places

Often, a business finds itself stagnant because their employees are spread too thin. From managers to customer service representatives, having enough staff to bring about innovation is crucial to remaining fresh. Use technology to your advantage to get the most out of your free time. Remember, your employees shouldn’t be busy with work 100% of the time. There’s a particular portion of a workday that’s required for slowing down and considering new ways of looking at services and solutions. Hire the right people, use the right software and technological services, and if need be, bring a business coach in to help.

 

You’ve Lost Track of Who You Are

We mentioned the negative aspects of growing too fast. Staff become too busy with meeting demand to continue thinking innovatively. Everything becomes reactive instead of proactive. Due to this environment, innovation takes a back seat, and it can be easy to forget who you and the business are. This is a different type of stagnation. Orders are still coming in, the staff are busy, but you’ve lost sight of what makes you unique. Never forget the ideas, the excitement and the innovation that made you so busy. This is just as important as fulfilling customer requests and orders. When all the orders are filled, if you’re not working on new ideas, you’re behind the market and stagnation is inevitable.

 

Give Employees Some Freedom

Entrepreneurs are generally full of ideas and excitement — requirements you need to start a business in the first place. When you look to your company and see it plateauing, consider involving your employees in the “idea” process. Create a space that’s safe for off-the-wall innovation and ideas. You may be a genius, but brainstorming in groups often reveals the most amazing results. When employees feel free to dream of new ideas at work, they feel more involved in the company. Many companies who are on the cutting edge of their field involve their staff. Free time and time away from work are vital aspects if they want to stay ahead as a team and a company.

 

Look Into Some Business Coaching

A business coach or an entrepreneurial coach can be invaluable in providing an outside opinion and expertise. If you feel like your company is at a standstill, or you feel stagnant yourself within the business, coaching could be the answer.

We pride ourselves at Genesa for being innovators. Stagnation isn’t something we want our company to experience nor in our clients’ companies. For this reason, we empower everyone on our team to think outside the box, to bring their passion and knowledge to the table, and to push themselves and our company forward. We also offer entrepreneurial coaching for companies that feel like they’ve plateaued and want to put a bit of a spark back into the business. Looking for some coaching help and leadership development? We’re here to help you jump start your innovation once more. Get in touch today and let us help you shake things up.

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