The paths to growth – The 5 reasons companies stop growingDoing business
The paths to growth
Companies always seek growth. One thing they always look for is how to grow more. What they forget to look out for is what is actually blocking them from growing. It takes courage to self criticize, but it is necessary to fix your block. Sujan Patel, growth marketer and entrepreneur, has identified the following 5 main growth stoppers:
Complacency usually starts at individual level but spreads rapidly. To identify it you should take step, look at yourself and your employees. Is anybody disengaged; disgruntled; cutting corners etc.? If so, complacency is to blame for your block.
To defeat it, you will need clear communication around well defined goals and strategies. If you are part of management, make sure that your workers feel valuable and lead them in the right direction.
2. Doing it all by yourself
You might have a struggle with this growth blocker if you are a perfectionist; a workaholic or started your business yourself. The easiest way to find out is to look at yourself once more.
The best way to fix this problem is to get help. Hire more employees or look at digital solutions.
3. Not Tracking Churn and Working to Reduce It
Most businesses aim to retain customers rather than invest to obtain new clients.
To avoid being locked in start keeping track of your customer churn – and show your existing customers you care, listen to them. Be customer-centric.
4. Stopped Listening and Innovating
When organizations are successful they tend not to analyze themselves in comparison with their surrounding competitors, market tendencies, and forget to listen to their customers.
The answer is to start listening; be available, be open and be confident.
- Do you know your customer base?
- Do you engage?
- Do you adapt your strategy to changing needs?
5. Relying on Referrals
Don’t make referrals the only way you make your company visible. To understand if you rely too heavily on referrals, look at your data. Take the time to look at where your customers come from.
You need to be active on the market to make your company visible to your clients and potential customers. Diversify your marketing strategy to improve how you get your referrals. Ask who, where and how and blend into your audience.
There’s no one way to grow a business, so there’s (sadly) no one reason why it slows down, stops, or declines.
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