As an entrepreneur, you know that in order to survive, your business must grow. Keep in mind that growth does not need to be about more revenue or more employees but instead, growth can be about increasing profit, improving processes and or improving how you provide services or products to your customers. This is easier said than done. Entrepreneurs frequently find themselves in a position of stalled growth which can resonate as failure to reach their goals, causing them to give up too soon.
If your business venture is failing to scale, you don’t have to throw in the towel. Here are a few actions that you can take to ensure your business survives and thrives.
Shift Your Focus From Sales to Relationships
Today’s audiences turn their noses up at a sales pitch. Rather than traditional high-pressure sales settings, customers are seeking authenticity. As a result, customers turn to businesses that have that relatable vibe.
Focus on what your current customers love about your company, then generate content that captures them, informs them, and deepens their relationship with your brand. Customers are way more likely to share your content with their friends and family if it resonates with them. When a consumer becomes emotionally connected to a brand, it becomes part of their identity.
Screen for Empathy During Your Hiring Process
A key part of a successful business is hiring the right people. Of course, they need to have the right education and experience to get the job done, but it is important to make sure your team is made up of people who have relevant personality traits. You want them to be driven, work as team players, and also have empathy.
Research conducted by the 2016 Empathy Index indicates that the 10 companies with the most empathetic quality were considered to have more than twice as much value as those lacking empathy. Productivity improves when employees can understand and relate to their peers. Employees can see different perspectives and motives, then find appropriate solutions. As a result, increased growth rates follow. To screen for empathy in the hiring process, you have to ask the right questions and find employees who are eager to serve the company and operate by its values.
Fine Tune Your Approach to Data
We all know the importance of data, but understanding that data and using it to your business’ advantage is what will spur growth. The best way to do that is to make sure you have a qualified data science team that can interpret data and make informed recommendations on how to use it.
Again, it starts with the hiring process. In this case, you need to develop a team of data scientists who can pair data with your business goals in order to give your company a competitive edge.
I’d love to hear from you about different ways that you reinvigorate your stalled growth!
Please note: I reserve the right to delete comments that are offensive or off-topic.