In the digital age, would be entrepreneurs have more opportunity than ever. Today’s small businesses help to boost the economy, create jobs, and liberate lives. However, as statistics show, only 50% of businesses make it past their first five (5) years. And of those, only half make it to fifteen (15) years. Stagnation is something that all entrepreneurs feel. Not only does it inhibit growth, it can prevent businesses from moving with the times. To prevent this from happening, and help strengthen your business, learn from examples such as Blockbuster Video.
Break A Few Rules
Your first couple of years in business are all about finding methods, processes, and practices that work for you. After a time, you and your staff will establish a process of working effectively. But as comfortable as this feeling can be, especially after a lot of trial and error, sometimes throwing out the rulebook can give your business a real shot in the arm. If you rely on manufacturing, try investing in new production techniques like cold forging. If your skills and business lie in the digital realm don’t be afraid to try new software. It can aid productivity and lead to a higher standard of products and services.
Encourage Ingenuity
A good business is in a constant state of evolution. But just because you’re the one at the helm, doesn’t mean that you have to come up with new ways of working. You should regularly invite your employees, vendors, and customers to come up with ways in which you could improve your business. Not only could it lead to an idea that revolutionizes your business, it will also help your workforce to feel motivated and empowered.
Invest In Your Staff
As passionate and as hardworking as you are, you can’t be in two places at once. Furthermore, micromanages every facet of your business will not only see your business stagnate, it will also cause you to burn out. You should never stop investing in your workforce, ensuring that they have the best equipment, rigorous training and a course of continuing professional development to ensure that even when you’re not on site, your standards are upheld.
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