One of the biggest problems that small and medium businesses face is they get stuck at a certain level and don’t surpass results after some time in their business.
Today, we will discuss the 4 areas in which a business owner can take action, to break the cycle of stagnancy in business.
1. Fixing your marketing:
By far, the biggest reason most businesses are stagnant is that business owners don’t scale their marketing efforts.
They are unable to go beyond whatever little leads they are generating.
This is because, in most cases, they solely rely on word-of-mouth referrals to draw business from. And since they do not have any other networks to generate leads from, they have no predictable way or strategy to grow their business.
This means they need a drastic improvement in their strategy to market their products and services to break through to the numbers they are looking for.
Another thing you can look into is to look for more channels to market on and create an omnichannel presence. Because depending on simply 1 or 2 channels will never get you enough leads.
For example, if you simply rely on IndiaMART or justdial to generate leads, irrespective of how much you pay them, at the end of the month, they can only give you a certain amount of leads.
So look for multiple channels to market to pump more numbers in your pipeline, which in return will give you more people to deal with, so you can break through your revenue goals.
2. Fix your sales:
Once you get good channels and consistently generate leads, your next focus should be to achieve a good conversion ratio.
That means you should have resources in your sales. You should have scripts for pitching to clients, scripts for introduction, scripts for requirement, scripts for objection handling, scripts for negotiation & scripts for closing.
Then, you should create a structure or step-by-step process of how you will go about the entire sales process.
After this, the next step is to build the capabilities of your team members. Remember, sales is a team effort. Only when you build the capabilities of your team members to improve their individual performance, sales process, and conversions will you see a breakthrough.
Most times, businesses are stagnant because their people are not growing and are at the same level of skill and knowledge. And hence despite getting quality leads, they are unable to close them.
So you need to give them the correct structure of sales, the right resources for sales, and capabilities for them to execute the sales process and drive better results.
This is how you fix your sales process.
3. Scaling up your operations:
Another crucial parameter to break through stagnancy in business is to scale up your business operations.
Right now, you might be operating in a particular city, state, geographical location, or just in one country.
So to achieve the next level of growth and breakthrough in your business stagnancy, you have to figure out how you will expand your operations to different geographical locations.
This means looking at new markets to sell your products & services, new markets with high demand & low supply for your products & services.
This will, by default, help you break through as there could be a possibility of limited demand in the city or state you are operating in.
So you have to find new markets you can enter which will generate additional revenue for your business.
4. Diversifying your products and services:
Another mistake most small and medium business owners make is relying on a single product or service to make money with and grow their business. They lack a product or service matrix.
Instead, you should create a variety of products and services that you can sell in the same or a different market, which in return will help you grow your company.
Diversification in your products and services is the next step that will help you break that stagnancy.
Conclusion:
So these are the 4 areas you need to fix to remove stagnancy from your business so you can allow your business to grow and scale further.
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