I’ll jump right to it, we cannot afford for you to lose momentum due to COVID-19. When a business loses its momentum, it is hard for it to return to some normality. For the long-term success of a business, many things are needed, but momentum is crucial. Momentum is the force that keeps a business moving and growing in the right direction.
A business may lose momentum because of the following reasons:
- Lack of will by the owner – If a business owner doesn’t want to grow and they become complacent about their business’s position
- Stagnation – A business owner, in this case, wants to grow but they don’t know how to do so
- Not thinking big – If you think small, you’ll be small
I want to take a moment explore three things that suffer when a business loses momentum.
There are many elements of running a successful business. Honestly, having the right balance is essential in making sure you remain focused on things that will help you grow and scale your business. When your business loses momentum, so many things feel important and urgent even when they aren’t. This splits your focus and slows your momentum, and you’re unable to take your next step. Here’s the thing, successful business owners aren’t perfect; they too struggle with balance, and yes, they’re aware of it. So they regularly audit their time and actions to make sure they maintain – or regain – balance. If your business loses momentum, I’m pretty sure your balance is off and there are tons of things distracting you from focusing on growing and scaling your business. Pull it in my friend and get a strategy in place. Maybe you can tweak or borrow a business model that can revive the business.
When your company loses momentum, your marketing is inconsistent. If your focus and balance are off, your marketing approaches will be non-existent. Inconsistent marketing strategies means a dip in gaining new sales and clients. The best marketing approaches start with adding value to your customers. Position yourself by creating content that helps them. And when they’re ready to make a purchase, you’ll be their first choice because of the value you’re offering them. However, when your enterprise loses momentum, your marketing strategies will be non-existent and your focus won’t be on offering value to your audience. If your business lacks promotions or you have inconsistent marketing strategies, it’s a sign your business has no momentum.
When your company loses momentum, you lose your customers, plain and simple. When customers believe in what you do, they stay loyal and they refer your business to their friends and families.
However, if your company isn’t growing or moving in the right direction, you neglect your audience and you don’t provide value to them, they’ll leave you. If customers leave your company, you lose revenue and your company operates at a loss. This should scare you into taking a step back and getting honest about what’s going in your company. When a business is experiencing difficulties, you can end its operations completely or rebrand its products/services.
Whatever you do, maintain a positive outlook by taking critical actions. If you lose momentum, evaluate what choices made this happen. Doing the research will help you undercover the missteps that could be avoided in the future.
I want to see you win big in business. So take a
moment to breathe and center yourself so you can regain your positioning and momentum. Our small business community needs you.
Felicia Phillips, Master Business Strategist
The Atlanta Small Business Network, from start-up to success, we are your go-to resource for small business news, expert advice, information, and event coverage.
While you’re here, don’t forget to subscribe to our email newsletter for all the latest business news know-how from Atlanta Small Business Network.