It’s not uncommon for people to get stuck in a rut in their daily, personal lives. They get up in the morning, go to work, head home at night and do it all again the next day. Businesses can also get stuck in a rut. At first glance, the company might look as though it’s doing fine. It’s earning income and making a profit. But it’s not going anywhere, it’s not growing and its owners don’t have a clear plan or sense of where to take the company next.
If that describes your company, you’re not alone. Nor are you fully stuck. There are always ways to get out of a rut or to start climbing again, no matter how long your business has been simply spinning its wheels.
Re-Evaluate (or Set) Goals
One very common reason why companies get stuck or feel as if they are not making any progress is because they don’t have clear or established goals. You might have set a goal for your company years ago, but haven’t tracked its progress or taken a look at it since. Or, you might never have set any goals for your company. If you don’t have an idea about what your company is trying to do or where it is trying to go, it’s very easy for it to feel as if it is stagnating.
If it’s been some time since you’ve set or taken a look at your company’s goals, it is most likely time to sit down and re-evaluate or create a strategic business plan. Putting together a strategic plan not only allows your company to establish goals. It also helps you put together a road map or actionable plan for achieving those goals.
Check in With Your Customers
Customers can make or break your company, helping it to get out of a rut or causing it to remain stuck. If you aren’t paying attention your customers’ needs, it’s likely that they will have abandoned ship and will have started working with a competitor of yours or will have otherwise found another solution to their problem. It could also be that your current customers are completely happy with what you’re doing, but that your company isn’t attracting new ones.
A lack of marketing and sales can lead to a static or declining customer base, as can a lack of product evolution and development. One simple way to find out if you’re meeting your customers’ needs or not is to ask them. Many people will be happy to give you feedback, especially if they aren’t happy about what your company is doing.
When it comes to marketing or promoting your business to new customers, it doesn’t take much. If you’ve been ignoring sales or have no marketing plan in place and your company hasn’t grown in some time, putting together a marketing and sales team can be your next step.
Take a Look at Your Team
A business needs a great team of employees to grow and thrive. If your company is simply spinning in the mud, it could be that the people behind the wheel are in some way responsible. Before the pot calls the kettle black, it’s important to take a look at your own actions and involvement and determine if you’re the one that is holding the company back.
It’s not uncommon for business owners to have their hands in too many projects, which can keep a company from taking the steps it needs to move forward. Instead of trying to micro manage your company, it might be time for you to step back and let department leaders take over.
Once you’ve taken a close look at your own actions, you can evaluate your employees. Perhaps one of your managers is too laid back and doesn’t provide enough guidance to employees, so new products don’t get developed or worthwhile ideas don’t get heard. Saying good bye to employees aren’t aren’t helping your company grow and succeed can be tough, but in the long run, it’s the best thing for it.
Sometimes, working with a neutral third party, such as a virtual chief financial officer, can be exactly what a company needs to grow or to get out of a rut. To learn more about how New Direction Capital can help you put together a strategic business plan and work towards your goals, contact us today.
Image courtesy of iosphere at FreeDigitalPhotos.net
What is a Manager’s Mindset and How Can It Help Your Business?