Momentum is a driving force for young companies. But in time, that energy and growth can dwindle. To revitalize company growth, consider these 15 ideas from entrepreneurs.
A. Push Accountability Throughout the Team
When you feel momentum slowing from the top, the reality is that your employees have probably felt it for a long time. The best way to engage them -- and to move the company forward -- is to put the keys in their hands. Setting a new strategy can come from the leadership team, but energy will flow when you give all of your employees the keys to the company's future success. - Aaron Schwartz, Modify Watches
A. Use Influencer Marketing
Become an influencer. Get your name and company brand out there a lot more by speaking at events, blogging for bigger publications and helping people. I've found there is no better way to truly grow your business that doesn't involve helping people on a mass scale. This will also position you to become a much better leader. - John Rampton, Due
A. Dig Deep to Understand What Caused People Not to Buy
There is a big difference between getting early adopters and getting mass market appeal. If you want to have long-term sales growth, understanding why a prospect says no is more important than getting him or her to say yes. Hopefully, you have already been asking this question along the way. If not, start now, dig for details, and start addressing your roadblocks internally. - Andrew Hoeft, Pinpoint Software, Inc.
A. Focus on Helping Others
When things slow down, sometimes the best way to help yourself is to help others. Spend time digging through old emails and your CRM to find missed connections or old acquaintances to follow up with, like missed coffee dates, side projects, and burgeoning entrepreneurs. Take time to help these folks, and karma might just reward you with new opportunities. - Ross Beyeler, Growth Spark
A. Branch Out
Sometimes you reach a point of saturation in your target market. In many cases, this is a good thing, and it simply means it's time to branch out and look for new niches to explore. This could mean expanding your product or simply marketing to a new group of people. In either case, the last thing you want to do is sit still. - James Simpson, GoldFire Studios
A. Gather Your Team Offsite
We start with an offsite management meeting where we revisit our mission, vision, and values, and create a game plan with specific goals for moving forward. We follow up with a whole, offsite team meeting that is focused on explaining where the business is, where it's going, and how we are going to get there. It should be informative and inspirational and end with a fun social event. - Thomas Cullen, LaunchPad Lab
A. Plan, Invest and Account for It
As a company begins to stall in growth, there needs to be a very simple three-step process for finding that next breakthrough moment. Create a plan that invests all members of the staff. Give them one thing they must do to support growth, and hold them accountable for it on a time interval that coincides with your goals. As an executive, you must set the example and be diligent as well. - Michael Spinosa, Unleashed Technologies
A. Diversify Your Customers
Stalling often occurs because many business owners rely on a few big customers or one specific group for most of their profits. When that fizzles out (or they lose a few big clients), they're suddenly at a loss. You can prevent/solve this by diversifying your customer base as much as possible. For instance, if your customers are mostly boomers, try to attract millennials. - Elle Kaplan, LexION Capital
A. Organize a Team Outing
The answers to kickstart growth again will often reside within your organization. Plan a fun team outing and use it as a brainstorming session to spark new ideas. In a fun, relaxed setting, ideas will surface and your entire team can provide feedback and build on those ideas. Sometimes an outing like this can light a fire under your sales team as well, which can help stalled growth. - Jonathan Long, Market Domination Media
A. Create Buzz
If you find yourself stuck in a rut, do something to create buzz. Announce a special offer that your customer base simply cannot turn down. Even if you have to incur a slight financial loss, such as selling below cost, the right offer that generates buzz can really jump start interest in your brand. Overall, the long-term gains will trump the little loss it took to get the ball rolling. - Marc Lobliner, TigerFitness.com and MTS Nutrition
A. Try New Marketing Channels
You may not be connecting with your audience like you could be, so now is the time to try a new social media platform or communication strategy to see if that makes a difference in how many people you are reaching. If so, it could be a big way to jumpstart growth again. - Cynthia Johnson, American Addiction Centers
A. Look For Outside Help
What generally stalls growth in its tracks is not simply a lack of expertise, but the absence of required capabilities, most visibly at the executive level. A few ways to regain momentum after your company growth stalls could be to reach out to retired founders in the same industry or acquire fast-growing, founder-led young companies. - Anthony Pezzotti, Knowzo.com
A. Hit the Road, Jack (or Jill)
When you start treading water, it's due time to get out of the pool. Change things up. Get out of your office. Visit with your customers. Pursue meetings with prospects and connectors. Invest in events and avoid the temptation to hole up in your office, cowering in fear. Okay, maybe I'm exaggerating, but the key is to get out of your comfort zone and inspire your team. If you want to grow, go! - Robby Berthume, Bull & Beard
A. Create Small Experiments on the Side
To combat growth stalls, always innovate and have small experiments on the side. I like some tech companies' mandate to dedicate a portion of employee work time on their pet projects. When there is stagnation (or worse, saturation), perhaps it is time to review some of those small experiments and choose a few you can focus on. - Andre Chandra, I Print N Mail
A. Re-Engage Old Customers
One of the fastest and easiest ways to regain momentum is to get your past customers to connect you with anyone they know who might be a customer for you. We've also found that adding more service, value and deliverables to our product brings us new business naturally. Whenever the product gets better, the customers come in larger numbers. - Justin Sachs, Motivational Press
These answers are provided by the Young Entrepreneur Council (YEC), an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.