Every organization wants to grow on some level – whether it’s more clients/customers, higher revenue, more locations, more product lines, etc.
There’s no one way to grow a business, but there are plenty of reasons it stops growing or slows down.
Here are some of the reasons companies stop growing.
1. Complacency
Is the team disengaged or not developing? Fix this by making sure everyone in the organization knows the core values, goals, and strategies.
2. Not Having the Right People in Place
Are you missing it when it comes to having the right people to handle the business?
- Make a list of the talents you “must-have” and talents you would “like to have” in a new employee.
- Spend the time to outline a well-defined role.
- Recruit and be laser-focused on what you need for this specific position.
Don’t settle. It’s better to wait to find the right person with the right talent and fit than to hire the wrong person.
3. Not Working to Reduce Churn
Are your key accounts leaving you at a high rate?
Fix this by making sure everyone is setting solid expectations with their accounts. Hold monthly client meetings with key accounts to discuss and measure the deliverables. Bring fresh ideas to the client showing your commitment to the partnership.
In reality, clients should rely on your team to be their partners in helping grow their business.
4. Not Going After New Business
Are your sellers busy managing their transactional business and not making time to develop new business?
Fix this by focusing them on super-serving their key accounts and having weekly movement with target accounts. Keep them focused on their BIG ROCKS and don’t let them get bogged down in the minutia.
5. Failing to Fix Mistakes Quickly
Are your internal and external problems being addressed and fixed quickly?
If not, you'll have a snowball effect of unhappy clients and employees. Hold the team accountable for owning up to and fixing mistakes in a timely manner.
6. Poor Culture
Are employees unhappy and grumbling about the company?
If so, immediately address your cultural issues. Hire a culture company like Up Your Culture to help you quickly fix your culture problem. Nobody wants to work somewhere with a bad culture but today, more than ever, it will negatively impact revenue.
7. Lack of Business Model
Does your team seem to be running in different directions and flying by the seat of their pants?
Fix this by meeting with the leadership team (and maybe a third party) to do a solid sales diagnostic. Come up with short-term and long-term goals with a playbook on how to get there. The sooner you hold people accountable for your business plan, the better.
Recognize WHY Your Business Is Not Growing
It’s not easy keeping everything clicking on all gears.
No business can grow forever without hitting a wall or slowing down because of a speed bump, However, it’s important to recognize WHY your business is not growing (or slowing down) and take action to fix it, as soon as possible.
