Reaping handsome rewards when profits begin rolling in for the business you’ve so painstakingly grown in is a fantastic feeling for every entrepreneur. It tells you that the formula is working, making you inclined to continue what you have been doing. Like the old saying, if it’s not broken, why fix it?
Falling into the trap of such thinking can be disastrous. It is crucial that your business continues evolving, or it will plateau before you know it. But first, you need to know what a stagnating business looks like to check if your business is in danger of being one.
Here are the top five signs to look out for:
More work with little payoff
It is normal during the early stages of your startup that you spend long hours to get things done and to ensure that operations are running smoothly and successfully. Things should become more comfortable in time. If you continue working long hours but the payoffs don’t seem to commensurate the effort, it is important to assess your approach, be it about management skills, organization structure or workflow, before it starts affecting your business.
Not keeping up with modern technology
There is no need to adopt every new fad that comes into the market, but technology is growing so rapidly that you’d be better off keeping your finger on the pulse of tech to ensure that your business remains relevant. For instance, considering how blockchain technology is set to take the world by storm, have you thought about how your business could benefit from it? Or would you be content to remain old school?
Zero point of difference from competitors
You started out with a niche business idea that was so good it was soon picked up by your competitors who then flooded the market with the same product or service. It would probably continue to sell well, but your USP (unique selling point) has steadily eroded. Innovation is key for your business to continue thriving – so what is next in your pipeline?
Overly focused on a single product
This is a mistake even seasoned entrepreneurs make when they see business booming: channeling all efforts and focus to one product and spreading remaining resources thin. Timing and planning are very critical when deciding to scale your growth and not sacrifice productivity and quality of your overall offering. Is there any part of your business that could be hurting from lack of resources?
Losing motivation and enthusiasm
If you’re losing your motivation and enthusiasm, you need to take a step back and evaluate your priorities. Sometimes you could get caught up in the business, especially if it’s moving fast, and lose sight of the bigger picture. Your employees need to catch your passion to be constantly engaged, and the only way of ensuring this is by making sure you’re the same way.
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Five signs your business is stagnating
Reaping handsome rewards when profits begin rolling in for the business you’ve so painstakingly grown in is a fantastic feeling for every entrepreneur.
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