How to stop your business from stagnating

How to stop your business from stagnating

Business Finance, News

Almost every business will have a period where it feels like it’s come to a standstill. Whether this is because you aren’t earning the revenue you were hoping for or you feel like marketing campaigns are failing to get off the ground, it can seem impossible to get out of this rut. Read on to learn a few ways you can escape this period of stagnation and why they could be your route to business growth.

Vary your marketing

One reason you may be struggling to push forward with your business is because your marketing has become repetitive and boring. By embarking on a new marketing campaign, you can test an updated brand image on your customers and use the response you get to inform your future decisions. If this shift is successful, you will see the benefits in no time, but if not, then you will have lost relatively little.

Upscale

Another reason why you might have been struggling to grow is because you’ve reached your company’s current capacity. If you don’t have enough infrastructure, you won’t be able to develop or expand, causing you to become discouraged. If you have the resources, it might be time to relocate to new premises or hire new team members, even if this is just on a contract basis for the time being. You can even lease equipment from a company such as Tower Leasing, so you’re not dealing with the full cost of buying equipment outright.

Take time to assess

When you’re leading your business, it can often be difficult to take a moment to step back and smell the roses. You’ve spent so long with your nose to the grindstone that you may not have had the time to take a moment and truly assess where your business is at. For example, if you feel like your company is stagnating but the vast majority of your customers are regulars, you may be in less trouble than you think. Similarly, you may be examining stats and finding that you’re not doing well enough to convert leads. By taking some time to look closer at your data, you can locate your company’s issues and use specific solutions to resolve them, rather than undertaking a grand overhaul of your company.

Business stagnation – where to find out more

Leasing is a smart investment solution which creates flexibility and benefits companies in so many ways. Established since 1989, Tower Leasing Ltd is a funder with the support of brokerage facilities which enable companies across the UK to acquire much needed capital equipment through leasing. We create the opportunity for businesses to manage their cash flow whilst being able to secure the latest assets and technology which enables our customers to stay competitive within the market. Our services also provide the capability to deliver additional funding to support your business growth with our wide range of finance solutions. Listed 30 in THAMES VALLEY 100 SME GROWTH 2020.

Get in touch today to discuss how we can help you escape business stagnation with our innovative business finance solutions.

Image by: geralt via Pixabay

Equity financing vs debt financing

Equity financing vs debt financing

To raise capital for expansion and other business needs, companies have two financing options; equity financing and debt financing. Each option carries its pros and cons, so businesses need to understand what they are getting into before choosing one over the other....

read more
5 things small businesses should spend their profits on

5 things small businesses should spend their profits on

As a small business owner, there is no greater joy than seeing your business record profits. However, how you choose to spend these profits will change the trajectory of your business, so it is crucial that you use them wisely. Here are five ways you can spend your...

read more
3 ways businesses can prepare for business growth

3 ways businesses can prepare for business growth

Every business owner wants to see their business grow. Business growth signifies that your venture is doing well, and it can lead to greater profits in the future. That said, growth is risky and needs proper planning. Here are three ways small businesses can prepare...

read more