Even the most successful companies reach a point where growth stalls. It doesn’t necessarily take an economic downturn or a corporate scandal. In many instances, a growth stall is nothing more than a plateau following a period of rapid growth.
When a growth stall occurs, executives and employees alike are apt to be in shock. After all, everyone has grown accustomed to moving along at break-neck pace when all of a sudden, demand slows, revenue stalls, and everything seems to grind to a halt. Layoffs may even occur.
In all but the most extreme cases, nothing has actually ground to a halt. It just feels like it.
Now that we’ve examined the causes of a growth stall, let’s take a look at how to prevent them – or at least minimize their impact.
1. Look to the Young – As we’ve seen, refusing to pay attention to trends and changing consumer preferences can be catastrophic. One way to ensure that your company will not suffer this fate is to remain future-focused. Assemble groups of younger employees and/or customers and ask them directly what they are looking for. How do they view your company? What role do they envision it playing in their lives in years to come?
2. Consult with a Venture Capitalist – Bring in a professional to review your business strategy. Allow them to sit in on key meetings, question executives and employees, and ask probing questions. Listen as they explain your company’s strengths and weaknesses. Adjust your strategy accordingly.
3. Build a Strong Bench – If you want to ensure the future success of your company, it’s critical that your high-potentials actually possess some potential. Look for the visionaries amongst your workforce and within the job candidates you review. Resist the temptation to hire those whose achievements all seem to be in the past. Listen to their ideas and consider carefully how they can guide your company back to the greatness it once enjoyed.
Need help hiring the kind of people who will help you break through a growth stall? Contact Daley & Associates. We offer superior recruiting and placement results, specializing in auditing and financial placement.