It takes time for all new businesses to get off the ground. After awhile, however, it may seem like the endeavor isn’t gaining enough traction, or that growth has tapered off.
It can be difficult to discern whether this is a mere bump in the road or time to change the direction of the company. Thankfully, regardless of your stage of development, you have options to help you move forward.
1. LOW EMPLOYEE MORALE
If a company has gone off on the wrong path, it’s often evident in the culture. When you experience abnormally high staff turnover, people may be looking for greener pastures. You may need to change if staff meetings are about criticisms instead of discussions of opportunity.
Try to improve positive employee engagement by asking for staff feedback to develop solutions. Often, those doing the work on the ground have the best insight on how to get things back on track.
2. DECLINING SALES
At a minimum, your company has to reach its target customer and satisfy that customer’s needs. If your old model is no longer working, try to figure out why.
It’s possible your market has gotten smaller or is better served by a competing product. Among your options may be to tweak your product to stay competitive in your current market, or try to enter into a new geographic region or demographic.
3. BAD CUSTOMER REVIEWS
Most businesses get the occasional bad review, but if one-star ratings form a distinct pattern, start paying attention.
It may be a simple matter of revamping your customer service process, or you may get insight into how your product or service is no longer relevant. If you keep doing the same thing without getting a new result, you may appear reluctant to change, resulting in the loss of customers and staff.
4. POOR CLIENT RELATIONSHIPS
Often, entrepreneurs are so passionate about their ideas they are in denial when it no longer serves people.
Listening closely to customer feedback, many startups can salvage their enterprise by tweaking the product. In so doing, they can also recover relationships with clients who have been tempted to sign a contract with a competitor. If a complete overhaul of the product is in order, your sales team can give these legacy clients priority access to the new product.
Businesses evolve over time. This is key in order to stay fresh and innovative. Many entrepreneurs get caught up in the daily grind and miss the signs they may need to shift their focus in order to support growth. With due care and attention, you can find the next step to pivot your brand.