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Something else needs to be done: part of the ring may need cleaning; could be that a window needs to be closed to remove a draft; or perhaps the solution is as simple as buying a box of matches. Whatever needs to be done, the same old, same old just won’t cut it.
And it’s the same when business growth plateaus; reigniting growth requires some alternative thinking.
So what will help
Step one: Fan the fire, not the smoke
Stop and take a look at what you’re currently focusing on. If it’s immediate ways to grow, stop. You can’t grow a fire when you’re only looking at the smoke.
To achieve sustainable business growth, a deeper investigation into your business is required. Look at everything, and ask why Consult with your workforce to create a holistic view of how the business is going. This will help get to the root cause of why growth has slowed.
Also ask your existing customers about their experiences dealing with your business. This way youll get an external and internal critique of your company and its offerings.
With this information youll gain a clear idea of where your focus needs to be to have your business growth strategies blazing again.
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Step two: Do you know what you want to cook
Growth is great obviously but why do you want it If you know that, reigniting growth becomes easier. Every business needs a vision: a recipe for success. Some visions exist only in the heads of business owners, but real feasts result from planned recipes.
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If you’re clear about what you want to achieve, employees understand exactly where their contribution fits, and you know what resources you need and how best to use them.
Should you find that your revenue streams are declining, immediately evaluate your vision. Is it still relevant to you and to your staff If it is, there may be motivation issues to tackle. And if it isnt, dont delay reevaluating it; it’s important to reshape your vision.
On the next page you can discover the three remaining steps to take your business growth from burnt matchstick to roaring bonfire.
Step three: Check you have the right fuel
Lighting a candle requires a wick and a small amount of wax. For a bonfire, a significant amount of timber is needed. And as different fuels produce different fires, different stages of growth in your business require different resources: remember that your resources include the individuals you employ and the talents they bring to your team.
When your business experiences slowdown in growth, take time to evaluate the team. Look at the individuals and the roles they currently fill. What are the ideal strengths youd like to see in your business If you find you’re missing strengths, an obvious option is to find new people, but you should also consider investing in your current employees by offering them training to develop their skills in other areas.
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Step four: Create a proper structure
A fire is easy to start: all you need is kindling and a match. But will it burn for long To build a fire that lasts, you need organise your pile, planning the structure to ensure the tinder lights in the right places and to provide good airflow.
The structure of your business is also important. If a businesss structure relies on the business leader holding a critical position, this is a red flag. This situation can inhibit growth because the leader must fill multiple roles, and this mode of operation is unsustainable and unscalable.
For your business to grow, a more structured and clear organisational model is required to allow processes to more effectively flow through the business. This also allows each member of your team to have a clearly defined role and specific accountabilities; staff will find it easier to make sure their work fits into the larger picture.
Insight on running a business with 1,400 staff and turnover of 70m
Step five: Make sure you keep watch on your fire
Tracking individual performance may seem like a luxury to some entrepreneurs. However, it’s important to have clear visibility on performance to know if a business is growing or not. There are times when the only reason a business is not growing is because there isnt a system in place to measure growth.
Defining the Key Performance Indicators (KPIs) for employees is down to the leader of the business. You need to ask what is the primary metric that determines their performance, and how this is being tracked.
You can then gain a clearer picture of which team members are in the right roles, and where there is room for growth.
The fiery growth that you experienced in the initial stages of your business may wane. But that does not mean you can’t have it burning bright once again.
Shweta Jhajharia is principal coach and founder of Growth Idea
Ambition should not cause people to feel shame it isnt a dirty word.
Image: Shutterstock
