How to beat stagnation in business
We have often seen that after a stupendous start to a business, there comes a time, sooner or later, when the business starts to stagnate. This can cause much stress and can be the beginning of the decline of the business. So how does one avoid it? While there is no pre-determined formula to prevent this, one may take a few active steps to try and ensure that stagnation is kept at bay. You will not be able to control external market factors, like inflation in the country, changes in taxes, etc., you can bring in the following features to your business to keep it running faster and better always.
Without innovation, you soon become dead. Customers get bored of the same stuff very easily, so you will need to innovate. Make a few changes to your product composition, or the packaging, add more value to the service your provide, think faster than your peers about what will work in the market and keep an eye on all that is happening in the world.
Keep pace with changing times. Don’t just stick to cash/cheque as a mode of payment. Incorporate credit/debit card payments in your business. If you worked out of a small non air conditioned office so far, upgrade it to a renovated air conditioned place. Impression matters and you need to create a good one each time you meet a client. In this day and age of severe competition, you will not realize how soon your customer goes away to your competition. Be updated with your skill set. Get trained. Invest in new machinery. Obsolescence is an unforgivable sin in business.
Always have a customer centric approach:
With this you will know when to change and how depending on what the customer says. Pay attention to your customer; more often than not, he tells you what he wants. Listen. Take feedback and grow.
Network in your industry:
It is important to network with your peers and colleagues in your industry because then you get to know what is happening in the market, in which direction it is heading, and what should be your way forward strategy. You can also take help of peers in times of distress or crisis if you network well with them.
Expand your portfolio:
The more mass you go, the more you spread your risk. Having a very niche business and clientele has its advantages. However, if ever your product/service goes out of fashion, you will have difficulty staying afloat. It is, therefore, better to slowly keep expanding in multiple directions so that if one wing of your business goes into crisis, you will have another to keep it going.
Innovate, upgrade, and grow!