Many businesses that appear very successful may reach a stagnation period. That period is one in which the business, while still profitable, has stopped growing. There are many signs that point to that stage in a businesses’ life. It’s not only the leveling of income but may include an increase in expenses. Many times I can feel the period approaching or already arrived just by talking to the owners. Often the passion and enthusiasm it not the same as it was when the business first started. Work becomes a chore instead of an exciting process.
It’s important to be aware when a stagnation period is about to hit. In my experience, most businesses will hit this level, usually later in the business life (15 to 20 Years), but I have also seen it in businesses less than 5 years old. The key is the recognition, and then taking steps to not only stop the stagnation but to return the original enthusiasm to the owner, the staff and the business as well.
How to accomplish such a turnaround takes more room that I can share in this blog, but the following are a few suggestions:
- As leader of your business, you have to “get well first” and then work on the other parts of the business. (Customers, staff, etc.)
- My method is to take the owner(s) away from the business for a few days, during which we review the life of the business and the business owner(s) life from the inception of the business.
- By reviewing the goals achieved and the changes that occurred in both the personal and business life, we then encourage the setting of new goals, and a new strategic focus plan is developed.
- We make an effort to allow time for relaxation and meditation (sometimes both are structured) during these few days.
Enthusiasm flows from the top down and a successful “get away” most often will solve the problem. It is then taken back and shared with staff and the growth process starts over again. This simplified explanation is one method of regenerating the lost enthusiasm and getting rid of business stagnation. Yes, it may be a commitment of both time and money but it will save the business.
When you dance, your purpose is not to get to a certain place on the floor. It’s to enjoy each step along the way. Wayne Dyer
Nick J. Petra visit us at www.strategicduck.com
Make it a successful today!