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3 reasons your business is stagnant, and 3 solutions to grow

We’ve outlined 3 reasons for your business’s stagnancy, as well as 3 solutions to help you.

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Being a business owner comes with a lot of perks. You get to design your workday and make all of the important decisions. You also get to implement your business plan in a way that lets you make a difference.

If you have experienced initial success and have noticed some stagnation in your company, you’re not alone. According to FitSmallBusiness, 1 in 12 small businesses close every year due to reasons like:

  • Low sales.
  • The owner wanting to pursue another venture.
  • Better-performing competitors.

Financial issues and the inability to adapt are a few factors that cause business stagnation. This lack of growth can lead to the closure of your company. We’ve outlined 3 reasons for your business’s stagnancy, as well as 3 solutions to help you.

1) You Don’t Engage Your Customers

Engaging with your customers is one of the most important aspects of promoting a company’s growth. Engaging with your customers includes:

  • Asking for feedback.
  • Social media interaction.
  • Rewarding loyalty.

If you aren’t interacting with your customers, you’re missing out on the opportunity to learn from them. Who better to learn from than those who are benefiting from your company?

As a business owner, your vantage point is limited. You aren’t consuming your products and services. Not knowing your customer base is a potential reason for a lack of growth.

The Solution

It’s never too late to start engaging with your customers! Consider how you can use technology to increase the quality of customer interactions:

  • Be available in real-time across multiple channels. You’ll impress customers when you answer questions and address concerns in real-time.
  • Use Google Analytics to measure a customer’s experience. You can get a general idea of customers’ overall experience. Use Google Analytics to track statistics like bounce rate and session duration. Use your findings to determine what changes to make to your site.
  • Deliver relevant offers and messages through preferred mediums. Never have your customers be out of the loop. Ensure they are aware of your business’s latest promotions and news.

2) You Focus Too Much on Growth

Even if it’s hard to believe this is a reason for stagnation, it’s worth considering! If you try to offer your products and services on a larger scale than you can handle, quality will suffer.

The Solution

Build your business internally. Use project management systems to stay organized. Invest in training resources for you and your staff to improve your business’s expertise. Expansion will be warranted after internal changes are implemented.

3) You Don’t Adapt

There are too many businesses that offer the same products or services in the same way. Or, they don’t keep up with changing times, like what happened to Yahoo, Xerox, and Blockbuster.

The Solution

A digital innovation agency like Icreon can help. Agencies like these create customized solutions that give businesses a competitive edge. For example, Icreon helped IMG Models grow by implementing Brightcove and Microsoft Azure CDN. These changes helped the company handle large volumes of users and assets.

It is worth enlisting a digital innovation agency for your business. Their team will take the time to learn the operations of your company. A digital innovation agency can pinpoint inefficiencies and develop unique solutions for your company.

Don’t Become Discouraged

Owning a company has its ups and downs. You can’t become discouraged if you want to succeed long-term. Analyze what’s working and what isn’t. Be open to implementing changes.

Don’t try to take on everything by yourself. Seek help from your employees and professionals in the related industries. You’ll be on the route to professional growth in no time!

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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Chris has been blogging since the early days of the internet. He primarily focuses on topics related to tech, business, marketing, and pretty much anything else that revolves around tech. When he's not writing, you can find him noodling around on a guitar or cooking up a mean storm for friends and family.

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