7 reasons your business may be stagnant

Business stagnancy is a negative that every enterprise builder should prevent or conquer. It is undesirable and could be energy sapping. When a fellow is running round in circles without progress, life experience becomes brutish.

A few possible causes of stagnation and suggestions on how to guide against them would suffice at this juncture.

Inadequate business skill

Just like almost every other thing, business does require a set of skills. Lack of or inadequate requisite skills peculiar to managing your concern could possibly translate to lack of progress.

Devote some attention to learn the ropes in the area of business you are involved with. You may wish to select a suitable mentor and learn how you can fast-track the growth of your concern.

Lack of focus

Another recipe for stagnation is to lose focus of your business and the possible desired goals of advancement.

Try to keep your eyes on the business. Avoid distractions or pursuing too many things at the same time.

Inadequate fund

Money, to a large extent is the wheel of progress. Your business growth plan could certainly do with some financial inputs at strategic intervals. Lack of or inadequate access to finance is a major factor that can result in stagnation.

You should, therefore, look at options available to mobilise the required funds to enable you do the needful. These include loan, equity/getting investors, profit plough back, credit line etc.

Prodigality

Prodigality, in simple terms means handling resources like the biblical prodigal son who expended his essence on riotous living. Such habit is unbecoming of a business person looking to expand.

Delaying gratification requires some level of discipline. It is especially needful for entrepreneurs to avoid being lavish in the way they appropriate and dispense the all important cash flow. That is the blood of the enterprise.  

Low sales

To be a good business owner, you must structure a winning sales strategy. Since the basis of an enterprise is to exchange products or services for money or other reward systems, sales is king when it comes to organisational growth.

If sales are stifled in any way, then stagnation is inevitable. It is, therefore, in your best interest to always seek to increase your sales, and therefore, cash flow.

Wrong employees

It has been said that an organisation is as good as the people working in it. The wrong set of employees could spell doom for your company and growth would not be guaranteed.

In conducting recruitment into your business, set up criteria and utilise them. Employ people based on merit and the potential to move your concern forward; not on some flimsy reasons.      

Negative thought system

Our thoughts are tangible. They control our realities in many regards. Having a negative thought pattern can adversely affect development and advancement. The antidote is thus to think positively, believe in possibilities and exercise faith.