February 11, 2019
Are you slowing your own business growth?
Article by Kyle Minton
CEO/Creative Director Final Touch Media
People and businesses usually don't go into a slump overnight. A 'slump' or stagnation is often caused by a lack of being fully 'in' something. Slumps are usually the result of poor choices, habits, and thinking that we may not even realize exists. We are simply left with the evidence of our business or relationship floundering—and wondering how we got there. Whether we're talking about a baseball player not being able to get a hit, a relationship on the rocks with a significant other, or if we're talking about not being able to stay in the black with our business, being fully aware mentally is a must. It's not the only cause to stagnation though.
Desire Meets Effort
You may feel like you're fully invested mentally in your business; however, there may be a lack of emotional or even physical presence. If you're a business leader, mustering up enough desire for your business to grow and flourish isn't simply going to make your business grow and flourish.
Desire with the right amount of effort towards the right things will certainly increase your probability of success. And so, if you're like any other business leader that is being honest, you're wondering what steps you need to take to pull yourself out of the 'slump.'
Any fitness expert will tell you that to train well you should push your body enough to exert effort that is going to stretch and test your muscles. On the flip side, they will also tell you that over-exertion will increase your fatigue and chance of injury—rendering you unable to exercise or function as you should.
So, there seems to be this balance. The right amount of stretching for your business is good for you to continue to push forward, but you may have experienced a plateau from trying to do too many things. The late S. Truett Cathy, founder of Chick-Fil-A, was often asked why he wouldn't expand his popular chain to meet the demand. He is known for telling people that his philosophy was that they, as a company, needed to ‘get better before they got bigger’. This wise man knew what his business needed and wasn't letting sociological pressures dictate his business plan.
How's Your Business really doing?
But how do you assess how your business is doing?
First, take a look at your gross revenue compared to last year at this time as well as last month at this time. Also, take a look at the gross revenue for your business for this month compared to last month’s gross revenue. Now, net profit is still important, but right now, we’re looking at the big picture for upward or downward trends.
Next question: are you investing? When is the last time you’ve invested in equipment, technology, personnel, marketing, and training? If you’re not, why not? And how much are you investing compared to the amount previously invested. Maybe you’ll realize that you’ve been stagnant. I’ll bet that if your investment in these things has tapered off, so has the growth of your company.
Next question for assessing your business: how’s your customer interaction? Wait…you’re not tracking this? This should include, but is not limited to: your customer reviews, interactions on social media, questions from customers, likes and follows for your business, video views, and comments. What can you do to create some new buzz around your business. Are there contests or promotions that you can run? If you’re not sure what contests or promotions you should do, start by asking someone younger than you. Additionally, a good marketing team will know exactly what’s relevant with your business context and target market, and they’ll be able to do the heavy lifting for you.
Final question: how are you doing in relation to your business plan? When is the last time you’ve taken a look at it? This is, after all, the vision for your company. Are you doing better than expected? Worse? Or maybe your strategy has changed along the way. Maybe it’s time to adopt a new plan or create a new one. Visit your business plan often. We suggest you try around once every 3 months. This allows the vision to stay in front of you and your team constantly.
To summarize, you’ve probably plateaued because you’re over-extended for how your business is currently developed, or you’re not pushing yourself enough. After you’ve done this self-check with your business, go over the results with your team and begin to make an effective game plan for what’s next.
The chances are, that if you’re reading this, you have a dream to become a national or even global brand. This cannot happen unless you become reinvigorated to invest in your business again. Taking steps to invest in the development of your team, making your customer experience enjoyable, and getting your brand image in line with where your business is going are the crucial first steps that need to be addressed immediately--for the sake of your business's future no matter your current budget.
If you’re already a global brand and budget isn’t an issue, Vayner Media might be a good option for getting your brand attention.
Now if you don't have an unlimited budget and your aspirations are for scaling your business, Final Touch Media has successful experience working with businesses of all sizes--from startups to Fortune 500 companies. Final Touch Media is equipped with all of the tools to gain you new customers and to deliver an experience that will be smooth and enjoyable.
"We are a team of real people that would love to be a part of reinvigorating your business and bring excitement from new customers."
Just click the button below to start the investment on your business's future. The next steps will entail you creating a package and getting a free quote for the cost of the next steps to marketing solutions for your business. And if you're not sure what services you need, that's okay too! Just let us know that on the form and we'd love to help out!