Our business world is changing faster than ever, and the ability to grow and innovate is what drives successful companies. However, many businesses find that their growth slows or stalls after a period of great success. There are many warning signs that foreshadow one of these slow downs, and if you pay attention to the signs, you may be able to keep your company’s mojo going.
One of the most immediate signs of lost mojo is a lack of meaningful criticism. Whether the feedback comes from customers or the lowest rung of the employee ladder, no business can survive if it doesn’t actively listen and respond to feedback. Every company will receive criticism, but when the critiques are powerful and consistent, pay attention. Failing to do so can so serious harm to your business.
On one hand, you’ll be unable to address critical shortcomings that can eventually lead to stagnation. You may lack strong customer service or consistency in product quality. Whatever your weakness, if you’re resistant to change, you’ll inevitably run into a major roadblock. On the other hand, if you ignore the feedback and suggestions of your employees, you run the risk of discouraging innovation. Your staff will no longer feel motivated to improve the company, and without someone championing your cause at every level of the organization, you won’t be able to maintain your desired level of growth.
Loss of Innovators
With that in mind, innovative thinkers are often drawn to businesses that are open to change and creativity. If your company is losing its mojo, you’ll begin to see these key innovators leave in droves. If they aren’t challenged in their work and their creative talents aren’t put to use, they will move onto greener pastures, leaving your organization with a limited talent pool. This is a major indicator that you aren’t pushing boundaries or exploring innovations in your industry.
Quantity Over Quality
Pay attention to the mindsets of upper management. If they become solely committed to the numbers, your company may be in trouble. Focusing on the bottom line rather than the future vision for the company can be a death sentence. Innovation and transformation are what drive success, and if you’re only concerned with numbers, you’re failing to leverage valuable opportunities to advance your brand. Whether it’s investing in more feature-rich software or seeking out creative talent, you should be open to new opportunities for growth. Don’t get mired in tradition or by-the-books business practices. Embrace new technologies or methods to encourage growth for your business.
On the flip side, it can be dangerous to focus solely on growth. It’s better to achieve vibrancy through gradual, well-planned growth than to aim for a meteoric rise to success. Growing too quickly can burn through your resources or result in a workload that overwhelms your staff. In turn, you may find yourself hiring second-rate employees to keep up with this growth, which can often be counterproductive. Instead, to synchronize growth in every aspect of your business, focus on building your infrastructure gradually.
Pay attention to the warning signs, and you’ll ensure that your business maintains its mojo and its competitive foothold in the marketplace for years to come.
How does your company keep its mojo going?