By Anita Ginsburg
Whether it’s an executive for a large company or an entrepreneur operating a home-based business, there comes a time when everyone hits a rut and starts looking for ways to boost growth. To get a business once again going in the right direction, here are six ideas that offer great growth opportunities.
Revisit the Business Plan
Almost every business starts with a business plan, but many fail to implement its key points. By reviewing the plan and comparing what was anticipated with the actual results, plans can be refined or even tossed aside while a new one is developed.
Be Willing to Diversify
Sometimes the problem can be a lack of products or services people want or need. Rethinking goals and taking a second look at the competition can lead to an expansion of products or services, motivating customers to give your business a second chance.
By finding out why customers feel as they do about your business, you can create positive change. Many businesses turn to management consulting firms such as Quality Solutions, Inc. to conduct detailed market research studies using customer satisfaction surveys. By finding out why customers do what they do, these studies can be very effective.
Collaborate with Others
One of the best ways to get out of a rut is to join forces with others. Networking with fellow business owners or joining a chamber of commerce can benefit those who work alone. By talking to others and exploring new ideas and challenges, a business owner can become energized and enthusiastic yet again.
Set a Big Goal
A long-term project designed to change the course of a business, the “big goal” can rebrand the company’s identity or create a new website for a business. By having a project that’s on a strict timetable for completion, an owner can stay motivated much longer.
All Work and No Play
One of the biggest mistakes business owners make is letting their lives get out of balance. 80-hour workweeks lead to burnout in a hurry, which goes far toward creating a large rut. To avoid this, owners should incorporate time into their week to get away from work by hiking, playing a round of golf, or spending time with their family. Many times, the best ideas will come when they are least expected.
By using these tips, a business owner can find themselves re-energized and ready to once again take on the competition and come out on top.
Anita Ginsburg is a freelance writer from Denver, CO and often writes about business, finance, education and home. She graduated from Colorado State University in 2004. A mother of two, she enjoys traveling with her family when she isn’t writing.