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Is your business stagnant? 6 steps to boost your business’ growth

Has your business’ growth plateaued? Are you staying in one place? Do you usually throw money at the problem and hope it will go away? This may not work if your business has gone stagnant. Here are six steps to look at before you spend money on a solution which won’t bring you reward.

STEP 1: Review your business plan

When you started the business, your plan was for an ideal business. Now that you have started and worked at it for a couple of months, your ideals, customers and the economy may have changed. Therefore, it is time to review your business plan and make sure that it matches your current ideas and business situation.

STEP 2: Delegate your tasks

In the beginning of your business, you were the jack-of-all trades – designing your website, hiring your employees, working on the business vision, selling, and marketing the products. But as your business grows these aspects start to demand more of your attention and you may lose focus on your business. It is time to hire someone to do the tasks which take your attention away from how to grow the business. You may think you can’t afford more employees but if you get someone to focus on aspects of the business which are hindering you from growing; you will be surprised by how your business starts to grow with your new-found focus on building the business.

STEP 3: Get out of the comfort zone

You have developed your company where everything is working smoothly. You have enough clients to pay the bills at night and you are working in a happy space but your company is not growing. It is time to move out of the comfort zone. It may be daunting and you may not want to disrupt the lovely equilibrium you have struck in your business but if you want to grow you need to disrupt the force. You need to move and create more opportunities for yourself.

STEP 4: Check your pricing

Depending on the product you are selling, will depend on how you price it. Just be careful you don’t under-price your product so badly that you will not be able to cover your costs. It is better to add value to your product or service rather than lower your price. By adding value through a bonus feature or a discount on the next purchase, your customer may be more willing to pay the price you suggested.

STEP 5: Look at what your competitors are doing

Some companies find it very easy to blend into the background with the rest of the suppliers. They become a bland group of suppliers. Add colour and spunk to your products and services. See what your competitors are doing and add something more. Speak to your customers and see what they need. See what needs your competitors are not fulfilling and how you can. By thinking outside of the box you will be able to attract more customers because they will see your new and innovative ways of doing business.

STEP 6: Train your employees

If your employees do not know your products better than your customers, then there is a problem. It is important to give your employees appropriate training so that they can upsell your products or service. By coming across as a guru on the products, your customers will be more confident that they are getting the product that will satisfy their needs completely.

By following these six steps you will be well on your way to skyrocketing your growth beyond your wildest imagination.

Brought to you by the NSBC.