With every company’s period of growth comes a time of stagnancy. It is inevitable that, despite your efforts, growth will stall and you will find yourself looking for new ways to enhance your company’s operation. The good news is that you have the tools and knowledge at hand already to jump start things all over again. Here are a few different ways that you can encourage additional business growth to overcome your plateau period.
Leverage Automation
It is hard to find the time to grow your business when your time is spent on repetitive operational and administrative tasks. If you want to have the time to focus on growing your business, you need to simplify some of those time-consuming tasks. Automation is the best way to go. That way, thing are completed with minimal manual intervention, allowing you time to focus on other needs.
For example, payroll automation can save your business hours of manual labor, and the associated costs, every week. There are many different services available to help you automate your payroll processing. Explore your options until you find one that offers the services you need at a reasonable price.
You can also automate your email distributions. Create newsletters or alerts in a mass email platform, designate specific mailing lists, and then let it do all of the email distribution for you.
Tap Your Resources
If you find yourself struggling to come up with new ideas to spark growth, it’s time to tap your resources and use their expertise. Your staff can be a valuable pool of new and fresh ideas for your company’s growth and sales. There are a few ways that you can do this.
Host brainstorming sessions. Separate your staff into groups and host some brainstorming sessions to encourage the free flow of ideas. You can even change up the groups and try again, because the different group dynamics can help spark new ideas and conversation.
Put out an open suggestion call. Let all of your staff know that you are open to all sorts of new ideas and suggestions to encourage business growth.
Develop A New Product Or Service
If you offer a new product or service, you can not only expand your customer base, but also potentially sell that offering to your existing customers as well. Consider your company’s current offerings and mission, then develop a product or service that complements it.
Market that product widely as a new offering, both through the use of traditional ad campaigns and also direct marketing to your existing customers. The more you can get the word out, the greater chance you have of increased sales.
Running a business does not need to be complicated! Keep it simple!
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Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.