Tue, Feb 26, 2019 — Common Growth Problems Among Businesses Companies of all shapes and sizes watch as the growth of their business slows down, then gets stuck. There is an opportunity to turn around the situation, with a collaborative action plan. It’s essential to determine where and why you are taking on water. Perhaps a new competitor entered the market, enthusiasm is slowing among repeat customers, or your company’s stated benefit is no longer relevant. There could be a deceleration in organic growth, or additional usage and occasions have changed. What’s clear is that what got you to where you are most likely will not get you where you want to go! Businesses often try to address growth issues by cutting back on spending, or milking the company/product/service to maintain or get more profit out of declining revenues. However, this strategy becomes a self-fulfilling prophecy; the only direction you can go from here is continued—or accelerated—decline. It is not a viable, long-term way to address organic growth or loss of market share. As a doctor seeks to understand the challenges of a sick patient, they ask questions and observe behavior. They review options to treat to identify the actions that will most likely optimize and accelerate a return to health. To turn around the business, you’ll want to diagnose how you got into the situation—and what has changed—before you begin tackling the turnaround of the business.
