When your business is finding success in the industry and its overall performance is great, you may feel there is no need to switch things or experiment because this may pose a risk to the momentum. However, some businesses start out well and then fail because of insufficient experience, unmotivated workers, and slow growth.
Like many things in life, businesses go through cycles of growth, inertia, decline, and repeat. During the launch stage, start-ups often face many challenges and thrills, but they are usually expected at this stage. However, when established businesses go through a stagnant period or crippling decline in performance, the challenge can be insurmountable.
There are many ways to know if your business is losing its momentum and falling into stagnation. You can use these signs to detect inertia early on and by applying some corrective measures, you can restore your company’s momentum and maintain high-performance levels.
What to Do When Your Business Is in a Rut
Entrepreneurship is not for the weak! The emotional rollercoaster is full of highs and lows. And managing and motivating your team needs a consistent positive demeanor. As a result, having ways to get yourself from these lows is crucial.
Many times, we fall into a business rut. For some reasons, nothing seems to work; we have problems with employees, suppliers, global warming - everyone and everything. This all becomes too much.
You may not want to reinvent your business every time, but some changes can breathe fresh air into it. Here are steps you can take to break out of any business rut:
1. Revisit Your Goals. You probably had specific goals for yourself and your business when you first started. Your goals may have included filling a niche in the neighborhood, making more money, spending more time with your family, or building strong relationships with your customers.
Now that you feel you’re in a rut, take a new look at those goals and decide if your reasons for operating your company have changed. For example, if your goal was to spend more time with your children and they’re already grown, decide whether you should focus on growing your business at this point.
Revisiting your goals will help you find a new reason to love what you’re doing.
2. Introduce "New." Most entrepreneurs love the concept of new ideas, new clients, new projects, and new products, more than they love doing the work. So start by thinking about the "new" things you can introduce into your business to get that energy and enthusiasm flowing back.
3. Get Rid of What Drives You Crazy. Every business has things that drive its owner nuts. This could be a certain client, a system that doesn’t work anymore, or a certain piece of equipment.
It’s time to get rid of that thing that drives you crazy! It might be that one client whom you can never please, who despite what you do is never happy and takes up most of your time - making you neglect other customers. Whatever that thing is, address it today.
4. Complete Your "Incompletes." Whenever you're going through a business rut, there’s likely a pile of complicated things you could call your "incompletes." Shut the door, switch off the phone, turn off your email notifications and systematically work through all those things. There’s nothing better than completing the "incompletes." You feel clear again.
5. Remember Where You Came From. One of the biggest reasons many people fall in a rut is that they feel like they’re making no progress. Take a lot of photos, keep old brochures, keep printouts of old advertisements, websites, logos, etc. This will remind you of where you came from and it will give you a sense of progress.
Interestingly, all the above steps will help break you out of a rut, even if it seems like there’s no logical reason behind it. So, if you’re in a rut, please try these five ideas. They have worked for many others before you!
Next time, we're going to look at some warning signs that you could be losing interest in your business.
A Note for Entrepreneurs. Do you want to grow your business and yourself? Awesome. With the help of mentorship from the John Maxwell Team, Thrive Leadership Institute and I are launching, this Fall, two programs specifically created for Entrepreneurs: (1) Maxwell Speakers Club and Networking Group for Entrepreneurs and (2) Entrepreneur Leadership Development Program Workshops.
To learn more about these exciting New Programs for Entrepreneurs, coming this Fall, visit https://www.johncmaxwellgroup.com/annabanks/Contact or email Anna@ThriveLeadershipInstitute.com