“Why did my business stop growing?” This question comes in many forms. It often presents itself in times of challenge and all out panic. Right out of the gate many companies can grow when they serve a niche market or have solved a valuable problem with a widget. That initial growth comes easy with an overwhelming market demand. But, often the business or the CEO/Owner of the business is fooled into thinking they’re leading the growth. They tend to think that their sales team is the best in the market or their sales leadership is top notch and they believe it will always be this way. They quote how much growth they achieved in the early years as a badge of honor and something that will continue on forever. The unknown success is a curse or a nail in the coffin unless the business takes the time to understand the why behind their business that’s really making the customers turn to them. As Author Simon Sinek states, “Customers don’t buy what you do, they buy why you do it”.
Different businesses will run for varying lengths of time before hitting the wall or plateau as some will call it. Those that hit it sooner are always easier to try and get back on course as behaviors are not as deeply set. Other businesses can go for 15 – 20+ years before the problems hit and they’re convinced of their knowledge so they refuse to look inward for the opportunity to fix their lack of growth. As a leader, this is where having openness and vulnerability will make all the difference in the world. But wait, how many leaders/owners really operate that way. Yes, really very few are willing to listen openly to the challenges and input from their management team, employees and especially their customers. They will go back to what’s comfortable and think it’s innovative because they want it to be. The business is not listening to the market or the customer they’re listening to themselves and will continue to try to grow by repeating past strategies and behaviors.
The one cure to this challenge is regular meetings where management is brought together and spends time redefining core values, core focus, and market needs. By having a continuous trusting and open dialogue the business will have the opportunity to evolve to the market and customer feedback. As the business owner, we can apply filters to what we hear and convince ourselves that our current direction will still work until it is too late and we are too far behind the market to catch up.
Don’t let this happen to you and your business. The Entrepreneurial Operating System builds in the quarterly checks and forces the business to stay in tune to the market and customer’s changing demands. Companies that fully implement EOS have grown by an average of 18% per year while eliminating a lot of common frustrations. Let EOS build Traction in your business. The Growth Factory is here to support your business at any step along this path of continuous growth.
Wishing you success and growth