10 Signs Your Business Has Stopped Growing

As long as you have the right mindset for growth, you can easily turn things around. In the world of business, solutions can always be found to address any problems you might be struggling with…

1. It’s Become a One Man Show…

If you feel as though you are having to manage more and more day-to-day operations, something isn’t right.

As an entrepreneur, you can’t be micro-managing every little thing.

If you are, it proves that you don’t trust your employees and have little faith in their skillsets, level of productivity, and ability to grow your business.

2. You don’t have a clear vision.

A successful business requires a clear vision from the brand’s leadership team.

If an entrepreneur doesn’t have a sense of where the business is heading, how can he/she lead a team of employees? Where are you leading your team?

Get SPECIFIC!

Hone in on your goals, mission, and brand values.

3. You’re Not SMART With Your Goals

Concrete, measurable goals are vital for a successful business. 

One of the most effective ways to create a growth strategy is to set your goals first and reverse-engineer your marketing plan from there.

You can do this by creating “SMART” goals. 

Create Specific, Measurable, Attainable, Relevant, and Timely goals… You’ll be 70% more successful in achieving them if you do.

It’s also important to pay attention to analytics and KPIs with regular check-ins, updates, and group accountability.

Make adjustments when necessary and never be afraid to do what you know is best for your business and goals as a company.

4. You Don’t Know Your Competitors

Study your competitors in DEPTH.

Businesses that don’t study their competitors are failing to address market needs and missing out on ways they can grow their business.

Learn everything there is to know about your competition.

From their products and services to the way they treat their customers, study it all. Read reviews to learn more about customer experiences. Find out how clients feel about the brand and its services.

When doing so, you will figure out ways you can undercut competing businesses and improve your own.

As a result, you can bring in more clients by filling gaps within the market that other businesses are failing to do themselves.

5. You’ve Lost Touch With Your Customers

How much do you really know about your customers?

Gain new insights into your customers by talking to them, gathering data, and asking for reviews. Collect data. Conduct surveys.

Study your analytics to learn more about your customers, their needs, and how you can improve your business. 

The more you know, the more you’ll grow.

6. You’re Not Mindful of Your Current Customers

It’s 5–7 times cheaper to retain an existing customer than it is to acquire a new one.

Only 18% of businesses focus on retention.

Don’t forget about the clients who made your business the success it is today.

It’s so important to constantly be thinking about ways you can keep your current clientele happy, whether this is by offering new promotions, products and services, or improving your business in other creative ways.

7. You’re Not Focused on Referrals

The average value of a referred customer is 16% higher than non-referrals.

In a study of over 1,000 financial service customers, while 83% of clients were comfortable providing a referral, only 29% gave one.

Waiting for referrals won’t work; you need a system in place. 

Focus on ways you can market your referral program and you’ll be  3 times more likely to hit your goals. 

8. You’ve Stopped Getting New Customers

What are you doing to attract new clients?

While it’s important to keep current clientele happy, it’s equally as important to focus on ways you can bring in new clients.

If you want to grow your business, it’s important to develop great marketing campaigns that can promote your products and services while attracting new customers.

9. You’re Not Innovating

Innovation is the KEY to success.

The most successful entrepreneurs have achieved their level of success through innovation.

If you haven’t introduced anything new in the past few months, you’ve stopped listening and growing. No business can grow if it isn’t actively focused on ways it can improve its products and services. 

Look at the emerging trends in your industry, engage with your customers, and find out what they’re asking for that you’re not currently offering to streamline and increase efficiency.

By continually offering something new, your business will continue to bloom while keeping your employees and customers engaged. 

10. You’re Stuck on Repeat

Never stay stagnant.

A successful business requires pro-active employees and leaders to be successful and continue to grow.

Through innovation, your business will grow and expand in ways you may have never imagined, but you have to put in the effort.

ABOUT THE WRITER:

Elena Patestas is a journalist and writer for Valuetainment media. She attended Pepperdine University in Malibu, California, and Adelphi University on Long Island, New York. She was born and raised in Roslyn, New York, and currently lives in Miami, Florida.

Elena is passionate about bringing positive change to our world and believes education is the root to solving many societal problems. After overcoming a chronic health condition, Elena became passionate about health and believes food is the key to preventing dis-ease and achieving optimum health.

Amongst her many goals, she hopes to bring positive, impactful change to our world to create a healthy, financially sound, and unified society.