5 Signs That You've Lost Momentum in Your Business
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I’m currently experiencing one of the most exciting times in my business. I’m writing this article on a flight from Medellin, Colombia, to my home on Maui, Hawaii. I’ve spent the last 43 days training at companies in Colombia and Panama. I was paid a generous fee, and all my travel arrangements were covered. As a former bread delivery driver from Milwaukee -- someone who never touched a computer -- this new life and business feels like a fairy tale.
Yet, while I’ve traveled the world and enjoyed of a wealth of new experiences, my primary business suffered. I write, speak, coach, consultant and sell digital information products. My business had been booming, but this trip hurt the momentum I’ve made over the last several years. If your business seems like it’s stopped growing, check for these five signs that you’ve lost momentum.
1. Your balance is off.
My focus these last two months has been in my consulting work. This has meant writing less, coaching fewer clients and not interacting with my audience. The balance has been off. There are many different aspects of running a successful business. Having the right balance is crucial to making sure you stayed focused on what will help your business grow.
There are many distractions that will feel important and necessary for your attention but aren’t. They will split your focus and slow your momentum because they won’t help your next steps. Successful entrepreneurs aren’t perfect, and they too struggle with balance, but they are aware. They consistently audit their time and their plan to make sure they maintain, or regain, balance. If your balance is off, it’s time to refocus.
2. Your marketing is inconsistent.
I admit that my marketing efforts have been non-existent as the balance has been off in my business. No marketing has meant a dip acquiring new sales. Your business lives or fades based off of your marketing. The best marketing starts with adding value to your audience. You give free content that helps them. When they are ready to buy, you will be their first choice because of the value you provided.
You should be adding this value regularly and then offering promotions. Selling is hard for many entrepreneurs, but this is a business. There must be promotions to grow. If you are not marketing consistently, it’s a sign that you will lose the momentum in your business.
3. You’re not prospecting for new business.
New business is the fuel for growth. You need to get new customers regularly and you do that by converting leads. When you stop actively prospecting for new business you lose the momentum needed to reach the benchmarks you’ve set in your business.
There are many ways to prospect for new business, and each industry will have best practices, but the point is to be active. Go to conferences, build your email list, have a presence on social media and get on the phone from time to time. You don’t have to spend all of your time prospecting, but new business is the priority in your plans for growth.
4. You’re losing some of your loyal customers.
Customers who believe in what we do will stay loyal. However, even your loyal customers will leave if they feel neglected. If you are losing some of your loyal customers, it’s a sign that the progress and momentum are fading. This should scare you into taking a step back and getting honest about what’s going on in your business.
5. You’re not growing as an entrepreneur.
Your personal growth is vital as an entrepreneur. Your goal should be to become the best version of yourself physically, mentally and emotionally. Personal development has a direct impact on the growth of your business. If you aren’t consuming inspiring content, exercising regularly and setting aside time for yourself, you will lose momentum in your business.
I’ve been home now for a coupe of days. I’ve spent that time getting back the balance in my business. I’ve focused on getting back to a place of consistency that my customers have noticed. The opportunity to travel the world is amazing, but every part of my business plays a role in the overall plan. It took losing momentum to wake me up to that fact.
If your business isn’t growing, examine these five signs. Make the necessary changes and get back to what you love doing. Don’t lose the momentum because life is too short to let a major distraction keep you from accomplishing your goals.