There are times in any business when growth is just not there. Whether you have reached capacity with existing staff or infrastructure, or just finding it tough to get new clients through the door, stalled growth is a reality for all of us in business at times.
Of course, after 14 years of running a business, I have gone through this myself more than once. It is always stressful and never easy, but I have learned some ways to push through stalled growth and capitalise on new opportunities.
Firstly, stop doing the same thing as always. Accept things have to change in order to keep moving forward. Sometimes this is the hardest part –we get attached to the way we do things and it can be hard to see what needs to change.
Once you accept change is inevitable, assess where you can get the most leverage, and fast. If you need more sales, do you have capacity with your existing team to redirect their attentions to sales? To phone inactive clients and assess if they have new needs? Can they ask valued partners or clients is there anyone they know who might benefit from your services?
I have found if you don’t ask, you don’t get. So don’t take no as a reason to stop activity – a normal hit rate from cold calling is a 2% conversion, and from existing clients more like 15% – so pick the low hanging fruit and divide the tasks of calling, emailing and meeting potential clients, until growth happens in your business again.
You also need to decide what is not working that you can get rid of. Is it a product, person, client or process? There are always things that are holding the potential of a business back, and the sooner you identify what these blockers are, you can move on removing them.
Finally, don’t give up. That’s it. Accept times are tough but as the great quote says – “so too, this shall pass”.
Keep moving forward.
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Vanessa Stoykov is the founder of No More Practice, and the founder of the parent company, evolution media group in 1999. She has over 20 years’ experience in financial services as both a journalist and business owner. She is an award winning chief executive who is passionate about creating education and communications to help the wealth industry and consumers fulfill their prosperity potential.
