If you listen to business commentators on TV, you’ll often hear them mentioning a
“mature” business or product as if it were the kiss of death. It is! When your business is mature, it can stop growing and begin a downward spiral.
How do you avoid this descent to oblivion?
You look for ways in which you can keep your business moving and growing.
Check for these signs that your business is maturing:
* You’ve stopped investing in the business. When you start a new business, you plough
many of the profits right back into the business for advertising and marketing, to hire staff, buy new technology and equipment and you focus on research and development. When these processes slow or stop, it’s a sign your business is mature.
* A lack of enthusiasm. In the early days of your business, not only did it consume all
your waking hours and thoughts, you also couldn’t wait to try new things. Now, you
just want to get through the day.
* You don’t see any opportunities to grow your business – in fact you’re not even looking for them. You’re happy with the way things are, or you’ve told yourself that you should be happy.
Set New Goals For Your Business
One way to reinvigorate your business is to set new goals for your business.
How much growth do you want to achieve in your business this year? What kind of growth should it be? Many small business people never think in terms of goals and growth for their business, but growth is VITAL. Not only should you define your goals, you should also make them goals which will be somewhat difficult to reach.
One of the reasons small businesses don’t think of growth is a lack of experience and
research. They spend so much time working in the nitty gritty of the day to day events in the business that they don’t have time to explore new ideas and opportunities.
Find Someone To Help Your Business To Grow
Just reading an article or even a good book may not be enough to get you – and keep you – on the road to success. We tend to function best when we have others to challenge us, push us beyond our comfort zone, and provide the support we need to achieve more than we believe we can.
Just as athletes have coaches, you could benefit from a coach for your business. Talking with someone who isn’t involved in your business helps you to see the business from a new perspective, and helps you to create plans from this perspective.
A business coach can not only help you to reinvigorate your business, but the benefits
will flow over into the rest of your life too.
Your coach should get you excited and help you to see your business in a new way. A good coach will help you get beyond frustration, get focused and create SMART goals.
These tips will work not only to get you past the maturity trap but they can help a newer business avoid it as well.
To your success!