A U.S. Bureau of Labor Statistics report revealed nearly half of all small businesses fail within the first four years of their existence.
While there are many proven causes, including owner incompetence, inexperience, fraud and neglect, one killer culprit often flies under the radar: stagnation.
Indeed, losing momentum — with respect to revenues, market share and other mission critical indicators — is one sure fire sign that an entrepreneurial endeavor is in grave trouble. The good news is that a stagnated organization can take proactive tactical measures (many fairly easily instituted) to turn the tide, spur change and, in doing so, kick the growth engine back into gear.
|Moving beyond stagnation
Beginning on the next page are six such strategies that entrepreneurs can employ now to spark short-term progress, all of which are also highly effective within the framework of a long-term strategy for sustained growth.
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