Throughout their journey of success, CEOs and founders start to come to a daunting realization: They’re no longer expanding. What causes this stagnation in growth and causes them from reaching the next level in their journey? The principles and frameworks used in the beginning are no longer working, employees have become comfortable and clients are bored. What strategies can be incorporated the push past the hump of mediocrity and plateau?
Reignite That Startup Culture
Contrary to corporate belief, once a company gains its initial footing on the marketplace it does not have to become a rigged chain of command. Instead, adopt the belief that you must hustle to achieve any goal that the company creates for itself. See someone in another department that can use the eyes of a coworker? Perform without hesitation. Are you capable of overlapping responsibilities from other sectors of the workplace? Roll up your sleeves and dig in! The major error that business owners find themselves performing is becoming too complacent in their position.
An area that causes the most success in the early stages of an idea is that a few people in the business wear multiple hats. This could mean the head of sales also writes code, the accountant also runs the social media platforms or the receptionists isn’t afraid to clean the carpets. Whatever the case may be, taking on extra initiative will boost your business by small, incremental jumps that add up over time. See this interview on The Australian for a more detailed explanation of this and other factors.
Sales is the Blood of Success
Although most business owners and employees wince at the thought of increasing sales, generating profit within an organization is what keeps the lights on. In essence, sales people are like the cells transporting essential nutrients and oxygen to the rest of the system so that it may perform at its full capacity. Keep in mind that every person under the umbrella of a business is capable of reaching out to potential clients to educate them on your products and services. Keeping an incentive for these people — monetary and otherwise — to increase their sales is paramount.
“Sales will cure all.” – Mark Cuban
Don’t Ignore the Youth
A popular approach to capturing the attention of the younger market is, unfortunately, to ignore them. “Millennials are self-entitled and flaky,” you hear many people say. But what if I told you that by 2020 the millennial market is speculated to capture more than 30% of sales within the United States? What if I also told you that millennials, while having their own set of issues, have some of the largest purchasing power in the marketplace? Rather you like it or not, young people will soon be coming into positions of power and wealth. Failure to capture the younger market will not only hurt your business now, but also in ten and twenty years from now when they begin to age. If you want to create success again, extend a hand and mold your marketing strategy to the young!