The idea of your business going stagnant isn’t a pleasant one, and yet if you don’t know the signs to look out for, your business could be about to go stagnant without you even being aware of it. Allowing your business to go stagnant means letting a toxic mold take over your company, affecting your culture, development, and progress. It’ll hinder your ability to grow for as long as you let it. Movement in your business needs to be constant - it’s the only way you’ll continue to thrive and survive! Every single company out there is at risk of going stagnant, no exceptions. In fact, most companies will at one time or another, but learning from it is key to overcoming it and not letting it happen again. What do you think of when you think of Apple? A thriving brand that is ahead of its competitors, with plenty of innovative products, and even fans to its name, right? Well, Apple was stagnant for years before they finally changed something. The rest is history. Whether you’re stagnant right now or about to go stagnant doesn’t matter. You can change your course and get on the path to success if you really want to. Here’s how you know if your business is about to go stagnant, and what you can do about it:
You lack A Clear Purpose
If you lack a clear purpose and don’t have many goals beyond your financial targets, this is a sign your business could slow down to a stop soon. When thinking about your purpose, it should be far more substantial than making money. You should be passionate about it. You should want to shout it from the rooftops!
You’re Losing Your Motivation And Enthusiasm
If you’re losing your motivation and enthusiasm, something needs to change. Remember, you set an example to your employees. If you’re losing your enthusiasm, heaven only knows what’s happening to them. You need to have a passionate and engaged team behind you, and the only way of ensuring this is by ensuring you’re the same way. Your team should be spirited and not afraid to say what they think. As well as hiring well, you need to make sure you’re setting an example.
Your Employees Aren't Engaged
Disengaged employees are a nightmare for your business, don’t start blaming it all on them before you’ve actually examined whether this is because of you. If you regularly hear employees saying that something isn’t their job, or things of a similar nature, it’s a sign that they just don’t enjoy their work anymore. Make sure your team are on the same page when it comes to what your organization stands for and who they are supposed to be helping. Make sure you make their jobs and lives easier by introducing tech and systems like symfact.com. Show them that you care about their progress and that you don’t want to make life at work a nightmare. You also need to make sure that employees are perfectly aligned with your company culture, which is why the hiring process is so important!
Your Company Is Lacking In Innovation
Think about it: when was the last time you released something innovative within your business? Do you even have things in the pipeline? Are you even excited about the future? You don’t need to reinvent the wheel, but you definitely need to be an innovative company. Create things you’re excited about!
You’re Not Celebrating Your Business
If you have infrequent wins and celebrations, you’re not going to keeping the momentum very high at all. After all, you can find a reason to celebrate for most things. When was the last time you celebrated the success of a single team member, or the team as a whole? What have you actually celebrated in the last 12 months?
You can also consider incorporating Holiday gifts for employees as part of your celebrations to express gratitude and boost team morale. Regular celebrations can boost morale and productivity within your team.
You’re Neglecting Your Brand
Neglecting your brand is a huge mistake. You need to make sure that your brand is keeping up with the times. Have you taken a look at your value proposition, brand positioning, or messaging strategy lately? Have you assessed your image and how it’s differentiating from others out there on the market today? How about the customer experience that you’re providing? It’s so easy for businesses to get stuck when the above things are out of whack. Being aware of stagnation is the first important step, then you can take the steps to stop it from happening. Have you noticed any of the signs here? Leave your thoughts below!