In the beginning stages of building a business, there’s a lot of excitement and anticipation. But after the first few months, it’s easy for things to sort of flatline. If this sounds familiar, then maybe it’s time to push your business beyond its comfort zone.
Propel Your Business With These 5 Helpful Tactics
Think of your business like a person. If it isn’t challenged and stretched, it’ll become boring, stagnant, and severely limited in what it’s able to accomplish. The business needs to be exposed to fresh ideas in order to maximize its potential. The question is, how?
Nobody knows your business better than you, but here are some helpful tactics that are designed to push your organization to new heights:
1. Set Ambitious Goals
Growth rarely happens without a plan. You’re far more likely to push your business to new heights if you set ambitious goals that are clear and tangible.
Goals do a great job of clarifying focus and give you an opportunity to measure your results. This helps you feel like you’re moving, as opposed to standing still and treading water.
As you set goals, remember the classic SMART acronym, which says that goals should be specific, measurable, attainable, relevant, and timely. If you use these elements as guiding forces, you’ll get the most out of your goal setting and see some movement.
2. Host Innovation Sessions
It’s possible that nobody within your business comes up with new ideas because they aren’t given the space or freedom to do so. Let your team members know that it’s okay to innovate and develop new ideas.
One suggestion is to host regular innovation sessions. This can be something you do once a quarter or once a year. Try splitting your organization up into a handful of cross-functional teams that combine entry-level employees with executives and everyone in between. Then give them a window of time – perhaps half of a day – to come up with an idea for improving the business. At the end of the day, all of the teams can gather together for a big reveal where each team presents their idea to the company’s leadership.
Even if these innovation sessions never yield a usable idea (which is highly unlikely), they’ll transform the way your employees think. Instead of being content with the way things are, your team will view challenges and opportunities through a fresh lens.
3. Attend Trade Shows
Has your business ever participated in a trade show? Even if you don’t think you’re in an industry where trade shows are a part of doing business, you’ll be surprised to find that there are always opportunities.
While a trade show is an investment – you’ll have to pay for a booth and invest in a modular display – there’s a positive ROI waiting on the back end. You’ll engage with new customers, network with other businesses, and expose your team to new ideas and unique ways of thinking.
4. Hire New People
It’s possible that your business is stagnating as a result of having the same people perform the same tasks over the same period of time. While you don’t necessarily need to fire anyone, there is something to be said for shaking things up. By moving people around in the organization and hiring some fresh faces, you can initiate a ripple effect throughout the company.
5. Consult With a Partner
Have you ever thought about consulting with an outside partner to push your business over a hump? It could be just what you need.
As entrepreneur Dave Kerpen explains, “Partnering with a consultant or private equity firm can give you access to resources and outside counsel on how to jump-start your growth. That’s just the sort of perspective that can help get you through revenue plateaus strategically.”
Never Settle for Average
It’s incredibly rare for a business to maintain the status quo over a number of years and still be successful. And it’s nearly impossible for a business to keep doing the same things and grow revenues and profitability. If you’re staying still, you’re falling behind.
Now’s the time to stop settling for average and to start pushing your business, challenging your team, and thinking differently. In doing so, you’ll squash stagnation and capitalize on unique opportunities for growth.