5 Reasons Why You're Experience Business Stagnation

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Equipped with today’s tools and technology made available, many made the mistake of diving into the world of business headfirst, without taking into account the existing variables that’ll determine how your business can and will turn out. A few entrepreneurs may get lucky and get away relatively unscathed as they learn and adjust on the fly. Most, however, fail on their first year.

To avoid being caught in a downward spiral, most often make use of a careful approach and whilst this is generally recommended, it also poses the possibility of stagnation.

If you’re one who wishes to experience growth and expansion for your businesses, start by addressing these common issues many businesses face.

1. Little To No Engagement With Customers

No matter what industry you engage in, customer engagement is key if you wish to increase brand awareness, goods and services improvements and long-term growth.

“Customer engagement,” is a broad term that covers these following areas: customer service, loyalty programmes, one-to-one interaction (whether online or otherwise) and garnering feedback. All of which are attributes that help to create a pleasant shopping experience, if done well.

Having an avenue that allows for engagement grants customers the opportunity to shop efficiently, have access to great deals they would otherwise not know, and contact you should any problems arise. This back and forth will allow you to know what you’re doing great and what are the things you will need to work on.

2. Performing A One-Man-Show

It’s one thing to be very action-oriented and manage aspects of the businesses that are within your capabilities. It is another thing, however, bearing all the responsibility and trying to do everything on your own. Chances are, you’d be burnt out, and your efficiency and productivity will drop – not to mention your physical health and mental psyche too.

Understand that businesses only work if they’re supported by an adept team. Be sure to hire just enough for you to delegate the heavy grunt tasks and leave the focus on the business and management aspects.

3. Not Utilising Modern Technology

In a market wherein online technologies have made their mark, having a successful business venture is simply not possible if one doesn’t utilise modern technology. Not only will you miss out on efficiency and productivity, but you’d also lose out in terms of comparative advantage.

With quick and adaptable approaches to software development, you are able to acquire all that you need within a short matter of time. Having a website with a user-friendly interface not only allows businesses to connect to potential local and international clients, but also add on to the pleasant shopping experience. Moreover, this also allows for the cut down of cost and time! So be sure to be in the know of what are some of the online technologies you could tap on, to help your business grow and expand.

4. Not Setting Your Business Apart From Your Competitors

As in any industry, your company is unfortunately not the only one who hogs the market and its market shares. Unless you’re dealing with a limited and niche market, you probably have a fair number of competitors to compete against. Make your company stand out by offering and pushing the few qualities your business have, that others don’t. By having a competitive advantage, you’d be able to stand out amongst the crowd and build a lasting impression.

5. Focusing On Growth And Only Growth

Your business will reach a point where there is enough demand to fuel your business growth and you may even think of expanding! If so, ensure that this expansion is done strategically. Many first-time business owners make the mistake of expanding their business once they see an opportunity to do so and focus all their energy into fulfilling that vision.

However, this also may come at the expense of everything else, including, a drop in the quality of customer service or having inadequate resources to fuel the current business. Thus, it’s crucial that you scale your growth and take things one at a time.

At Greenhub Singapore, the attributes of a productive office space for rent are already set in place. Designed to be both tranquil and comfortable, our flexible office space will allow you to work at optimal productivity and efficiency – all whilst improving your mental wellness. Take the first step to business growth by indulging in a green office, here at Greenhub Sin