When you own a business or are a key decision-maker for a brand, there is a lot of pressure on you to help the organization grow. Whether the company is four months old or four decades old, it is partially your responsibility to make decisions that will propel the brand toward greater profits and a larger market presence.
Leading a company toward this objective can be one of the most invigorating experiences as an executive. However, as exciting as those moments can be, the moments when growth stagnates can be just as frustrating or stressful. This is why it takes a strong person to be in this position of authority.
A business could struggle to grow further for various reasons. Let’s discuss some of the causes that you may be able to reverse or at least mitigate.
Lack of Team Cohesion
A company’s internal culture has a significant impact on its ability to grow. Employees that are comfortable in their environments and roles are more likely to be productive, helping the brand move forward. Conversely, when workers are not satisfied in their positions or there is a lack of cohesion, then growth will be stifled. There are plenty of fixes that could address this type of issue, including:
- Keeping the team more informed
- Creating employee incentive programs
- Investing in team-bonding experiences
- Demonstrating increased trust in employees’ abilities
- Incorporating employee feedback systems
Adopting one or more of these changes could get your team back on track so that the rate of growth improves for the brand.
Increase in Busy Work
As companies grow, the workload required to keep operations running increases. This means a greater weight is put on the shoulders of your employees. You can alleviate some of these burdens by increasing the size of the team, but this solution is not always possible. In some cases, your employees may be taking on more than they can handle to deal with the workload increase. They might be afraid to ask for help for fear of losing their jobs, though this fear might be an indicator of a poor internal culture as well.
Another way to reduce their workload is to eliminate busy work. Busy work is often defined as the tasks that a person does that provide little value. That could include going through emails, manually entering data, or anything that takes time and accomplishes little. Busy work can be reduced through automation, outsourcing, or better online tools that can accomplish these tasks and free up your employees’ time.
Outdated Marketing Initiatives
Marketing directly impacts the amount of sales that are made. Consumers need to know about your brand and its products to consider making purchases. The wrong marketing campaigns can result in wasted resources that yield few positive results. Focusing on channels that stand the test of time or are attractive to modern audiences can promote growth for the organization.
For example, branded merchandise, if implemented correctly, is often a reliable way to increase brand visibility. Imagine having large numbers of people walking around your service area with promotional tote bags and how much attention that could draw for the company. Consider the communities that can be developed on social media platforms where many of your customers may spend hours each day. Choosing the right channels based on audience research reduces the chance of stagnating growth.
One of the main reasons why growth may stagnate for a brand is if its competitors are earning a greater market share. For every industry and every product, there is a limited amount of potential customers. Each business in that sector is fighting for the attention of that finite group, and when one starts to improve its position, others will be held back.
Though you cannot control how your competitors are performing, you can take steps to regain that advantage and make progress once again. Study how these other businesses operate. What do they offer that you do not? What do you offer that they do not? What audience segment are they missing in their marketing? By conducting competitor research, you can find gaps to exploit to promote further growth.
Self-Analysis is the Key to Continued Growth
A common theme in all the above reasons why a brand may experience stagnating growth is a lack of self-analysis. When companies get comfortable because they are succeeding, they might neglect to search for ways to improve. This is what leads to stagnation or other brands surpassing them. When leaders stop paying attention to their teams, a lack of cohesion can develop, or employees can start suffering under the weight of busy work. Failing to monitor marketing practices and results will yield messaging that does not connect with the customer. Ignoring your competitors will prevent you from finding advantages that can carry your brand to the top.
Healthy self-analysis that is consistent will ensure that you are always searching for ways to improve operations and remain at the top of the industry.