Imagine an entrepreneur who found success in launching a business. Their operations and growing customer base have kept them busy through the early phases, but they notice a plateau around year two. To make it as part of the 50% still operating by year five, the entrepreneur needs to be dedicated to persistent improvement efforts. Small business owners who get their business in motion need to think a few steps ahead to avoid an elongated plateau. With the right tactics in mind, any entrepreneur, including you, can improve business and tackle times of slower growth. You just need to know where to begin.
How Often Should You Look for Ways to Improve Your Business?
Every entrepreneur has a goal of sustainable growth in mind. Moreover, it takes dedication to consistent research and improvements. That means having a good awareness of where you currently stand, to identify where you need to go, including:
Knowing your cash flow and areas where you could curb spendingBeing connected to your customer base and the social platforms they’re onUnderstanding your weakest areas and where to ask for support
Sustainable growth means constant improvement efforts and being open to trying new things. Quarterly, thorough reviews are a great starting place if you feel out of your element with this startup-like mindset.
1. Organize Your Processes and Workspace
The deeper you get into your business, the more cluttered it can become–literally. You may have things such as paperwork spread across your deck, an unsorted Google Drive, and subscription services with old payment details. Your goal to improve business becomes easier when you implement more organization and efficiency. A great starting point is reviewing your technology and streamlining it with simple digital services. Get rid of applications you don’t use, convert paper files into digital ones, and add relevant team members to platforms. Prioritize taking stock of your progress and learning from your mistakes. You’ve probably tried a lot of strategies to get your business off the ground, but doing what got you to Point A won’t necessarily get you to Point B. Review past processes, identify what didn’t work, and update your business strategy to avoid the same mistakes.
2. Revisit Your Finances
To improve business, you need to know financial numbers like the back of your hand. This includes everything from cash flow to your business’s credit score. Cash flow is a key indicator of growth or early failure, with 46% of small businesses exiting with irregular cash flows. By revisiting your finances, pay close attention to the accuracy of numbers and determine where you may be spending egregiously. Where are you spending where you should be saving? The only way you can identify financial improvements is by knowing your numbers.
3. Connect With Your Community
Do you remember how you vigorously hunted for customers in the early days? Chances are that spark has dimmed over time, and you may have lost contact with customers to focus on other aspects of the business. Reengaging with your community is a necessary and fulfilling method to enhance business. In fact, 86% of loyal customers will refer others to a business, furthering the community around brands. You can tap into this method by finding new ways to connect with customers, including:
Virtual meetups with loyal customersFarmer’s-market tables for attracting local consumersLive social media videos, sharing tips or fun contentMonthly emails to customers with updates
To build a community for your brand means building relationships with customers. When you focus on them as people, you find ways to connect in a way that feels more personal.
4. Connect With Your Employees
Your employees are also influential on your path to improving business. Creating a positive work environment for your team encourages motivation, productivity, and fresh ideas. Employees seek out workplaces where they feel valued and respected, and you can implement strategies to create spaces for intentional conversation and celebration. This could be anything from an open-door policy between you and employees to quarterly team feedback meetings and birthday or holiday greetings.
5. Consider Acquisitions and New Development
A great way to focus on business development is by looking around. Your market is full of inspiration and insightful data, such as a new niche, a trend, or a competitor. You may pinpoint a struggling business that could be open for a buyout, a potential opportunity to break into a new clientele. You should also aim to diversify your product lines based on the results of your research. The social world has made it easy to stay aware of trends, especially on TikTok, with its 1 billion users. This is a great way to keep your business fresh and in the social conversation. And remember, staying on trend could simply mean marketing or branding a classic product in a new way.
6. Know When You Need Support
The final method to improve business may be a hard lesson for some headstrong business owners. But you need to get comfortable knowing when you’re out of your league and ask for guidance. As you build out the business, strive to put together an advisory board, formally or informally. Identify individuals whom you feel comfortable with and who know the business and industry. Having a trusted group to go to for advice makes a difference. But at the end of the day, the key activity you can do to strengthen your business is taking a break. Hitting a plateau offers a time to reflect on your business’s progress and where you see its future.
