Many small businesses make it through a rough patch to opening and find initial success but, later, stagnation. These businesses can simply stop growing after a while, and others may even shrink.
According to the book Stall Points, only 10 percent of small businesses that hit this plateau have a chance of recovering. The difference with those who succeed is that they take nothing for granted. They scrutinize every aspect of their business, seeking out opportunities for diversification, growth and better market penetration among a wider variety of customers.
They are also willing to reinvest in their business using small business funding, infusing momentum in their efforts that can sustain growth and help them break through a slump to the next phase of maturity.
To ensure that your own business does not stagnate and suffer, think like these motivated individuals and put the following ideas to use in order to jump-start your growth.
The biggest danger to small business owners is monotony. They come to rely upon past sales and procedures as “business as usual.” If a problem emerges, they can often feel overwhelming dread at the prospect of having to change something in order to fix it. They don’t know where to begin and they are afraid of pulling out a vital support that could make the whole business collapse.
What these individuals lack is the motivation and energy to approach their problems as they would when first beginning their business. Getting a business off the ground takes a considerable amount of work, but new business owners take on these challenges eagerly and are willing to problem solve in creative ways.
This creativity and energy should never slack off once a business establishes itself. Both are needed daily, and merchants who are willing to re-engage with their business in a similar way to their approach when opening it, can often break through slumps.
Try to determine fresh ideas that can help reinvigorate sales or appeal to new customers. Think of your business as a fixer-upper you have encountered for the first time, and be willing to make bold changes that excite you and provide the possibility of considerable returns.
The Harvard Business Review describes a simple methodology for sparking growth through innovation: “bring the edge to the center.”
If you have a small portion of niche customers your business caters to, find ways to expand this clientele. For example, restaurant owners can adjust their menu to attract more families, or extend their selections of fine wines and hire staff with expertise on pairings.
Netflix used this approach to forever transform the way we consume media. While their online streaming business was just a small portion of their clientele, they recognized its growth potential and began to invest heavily in a better library and upgraded streaming capacity.
To help drive your efforts to innovate, expand and tap into new revenue sources, your business may need financial support. We encourage you to explore your options for infusing your business with the capital it needs to jump start stalled growth by looking at our unsecured loans for small businesses.
ARF Financial provides loans to small businesses and franchisees through our relationships with banks across the country. We can help clients acquire customized loan products fast with no collateral, and with competitive interest rates. Check out our Flex Pay Loan in conjunction with a No Fee Line of Credit – providing high loan amounts, the most affordable payments and no disruption to your cash flow!
If you are interested in starting the conversation now, you can click here to request a free, no-obligation quote today.