How to Get Unstuck as an Entrepreneur when Your Company Becomes Stagnant
Every business needs to grow and to do so, the founder must stick to a set of plans and make them work. This, however, can pose a problem in business when some plans are not working and yet go unchanged for a long time.
These problems grow and become almost too big to handle especially because of the resources – time, energy and money – that go into them.
Any entrepreneur who is thinking of swiping things to the right a bit but is unsure of how to go about it will find the ideas outlined below helpful:
Dig deep into your setbacks for clues
Things happen, but entrepreneurs need to know the root cause of their problems first. There is no sense in trying to create a solution whose root cause is yet unknown.
When this has been sorted, then a new course of action can be taken by either starting new things entirely or doing old things in a new way.
And for this to work best, you will need to look at the effectiveness of your plans and strategies by ensuring that every stakeholder is carried along.
Your attitude to things and people as an entrepreneur should also be evaluated. Sometimes, cocky entrepreneurs shoot themselves in the foot through their bad habits. It’s best not to act as if you are smarter than everyone else in the room.
Evaluate your new results for a while
With your new plans and strategies in place, test run for a while to be sure that you are on the right track. Lack of proper iteration leads to missed opportunities.
Make a transition
After you have shaken things a bit and become certain you are on the right track, it’s time to make the bold move based on your evaluated outcome. This makes progress possible, easy and faster.
Carry everyone along with the change. Don’t assume that people will get it. They should not be expected to get it without you making the effort to explain the new template to them. It’s your duty to help them get it.
Put strategies in place to manage change effectively when you finally make them and also be frank in explaining your reasons for the changes to anyone that cares to know. Never leave people in the dark.
Delegating tasks properly
When systems or methods are changed, some people will grab it earlier and better than others. Give some room for people to fit into the change or new process based on their competence and extent of understanding.
The best fit for any position or task should be based on the new competence and suitability and nothing else.
Getting stuck on old ideas can be very expensive when those ideas fail to produce the results we need to make progress as entrepreneurs. This is why change must be strategic.
If some or all of the thoughts shared here are adopted, moving forward in business should become easier.
If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.
Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.