In the business world in general and the tech startup world in particular, growth is the very basis of survival. No budding entrepreneur can afford to see his business’s growth stagnate for too long before he or she is compelled to take action. Of course, circumstances that are out of our control can stall a once-growing company. But in these situations it is the founders of the business who take the initiative to get things back on track. However, even the most capable leaders know that they can’t do it on their own. They understand that true recovery can only occur with a highly dedicated and skilled team.
Use the following steps as a set of guidelines to overhaul your business and return to long-term growth.
- Focus on relationships rather than sales.
Of course to grow your business you need to have increased revenue and sales. However, modern consumers are far too savvy to be seduced by common sales pitches. They are far more likely to respond to marketing campaigns that showcase authenticity. Promote what is best about your company to audiences that are likely to relate to and appreciate it. Keep in mind what makes your brand unique.
Try to avoid the latest fads in marketing. Just because they seem to be all the rage right now doesn’t mean they will work for you. Again, keep the uniqueness of your brand and its qualities in mind.
- Prioritize empathy in your hiring policy.
Do not hire self-centered workers even if they are highly skilled. Empathic workers are far more likely to work together as a team because they can put themselves in other people’s perspectives and use that knowledge to re-evaluate and adjust their plans to the benefit of all concerned. Time and again, successful businesses have demonstrated that if they have empathic employees at the helm, everyone feels that their interests are being considered and that are essential to the running of the company.
- Hire professional data analysts.
We’ve all heard the expression “knowledge is power.” In the business world, knowledge includes vast amounts data that needs to analyzed, assessed and properly interpreted. Although it’s true that modern data analysis software is making data analysis easier by the day, data scientists understand this field on a much deeper level. If they are made aware of the company’s business goals, data scientists can sort out invaluable nuggets of information from otherwise overwhelming volumes of data. Hiring them will allow you find the right solutions to your problems.
Stagnating growth is a nightmare for the entrepreneur but if these guidelines are adhered to, one can return to a path towards long term growth. Don’t be fooled into thinking that you’re wasting money by investing in the right people rather than the right products and marketing campaigns. Following the latter path will at best only provide short-term growth. In reality, only a dedicated team can provide the sturdy foundation upon which you can base your company’s prospects for long-term growth.