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What Should You Do When Your Business Stops Growing? | Ep. #184

Jan 31, 2017

In Episode #184, Eric and Neil discuss what you should do when your business stops growing. There are many different solutions and options you can explore before deciding to throw the towel. Tune in to find out what Eric and Neil used as solutions when their own businesses were struggling and how an outsider’s perspective can make all the difference in saving your business.

Time Stamped Show Notes:

  • 00:30 – Today’s topic: What Should You Do When Your Business Stops Growing?
  • 00:45 – First, look at your analytics and numbers and see what’s going on
    • 00:53 – Are you losing traffic? Assess, then look at the actions you should take
    • 02:00 – Do your due diligence, don’t necessarily give up
  • 02:20 – Look at other businesses and see how they are growing, learn from them
  • 03:37 – Sometimes you’re too close minded about your processes
    • 04:00 – Neil shares an example from his own personal experience
    • 04:14 – One small change like changing URL structure, does make the difference to growing your traffic
    • 05:17 – The solution isn’t necessarily in your head, step back, and try to look at it form an objective perspective
  • 05:30 – Network with others, be transparent with what’s happening, and you might get the RIGHT feedback and ideas that are worth trying out and will HIT that problem
  • 06:14 – Just because you’re an expert in your space, doesn’t mean you know how to grow your own business
  • 06:36 – Sometimes you’re too close to your own business to see what needs changing
  • 06:45 – Pay contractors and find consultants, or go to networking events
  • 07:40 – Eric shares his struggle with finding lead sources; check out Nathan Latka's podcast He Bought a $150k/mo Agency for $2 with Eric Siu

    • 08:21 – Joining Entrepreneurs' Organization helped Eric find out what he needed to do to save his company—the peer group helped him learn from their experiences
    • 09:16 – If he didn’t have help from this particular peer group, he’d be left Googling for solutions
  • 09:45 – Network at conferences!
  • 09:55 – At the end of the day, you’re dealing with humans and you need that connection
  • 10:30 – That’s it for today’s episode!

3 Key Points:

  1. If you feel like your business is struggling, ASSESS your analytics and numbers to find out what’s going on BEFORE you take action.
  2. Get an outsider’s perspective and help even IF you’re an expert at what you do—sometimes you’re just too close to the situation.
  3. ENGAGE and NETWORK—at the end of the day, you’re dealing with humans and you need that community to help you out.

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