Is your business suffering from stagnation?
Attempting to identify whether or not your business is suffering from stagnation is probably not the most enjoyable topic for an entrepreneur of any kind.
You may have started your latest enterprise with a significant amount of enthusiasm and endeavour, but have external factors contrived to burst your bubble?
In many cases, simply accepting the fact that things have stagnated is an important part of the process to start to put things right. If the underlying business is still viable it may make commercial sense to consider something like a company voluntary arrangement which may provide the opportunity to start afresh.
We have looked at a couple of key indicators which may suggest that your business is showing signs of stagnation.
Lack of new clients
Maintaining strong communication links with existing clients is one of the most fundamental tasks in creating a successful business however, you need to inject some new blood into proceedings every now and again. If you are struggling to attract new clients then it is time to review your strategy.
Have you been using the same old marketing outlets for more than a year now? Have you failed to create any new contacts in this area recently? Successful and effective marketing can often be the difference between success and failure for an SME. If you have lost the drive to come up with new campaigns or you feel that you have simply hit a creative roadblock, stagnation is likely to be the subsequent result either way.
Stuck in a rut?
Structure can be very important in any business. A stable routine can be a great asset for a functional business however, it is also important to be open to the idea of change. Remaining in the same routine could blind you to opportunities for growth, ultimately costing you in the long run.