A business that loses its momentum for an extended period of time is doomed. For long-term sustainability in a business there is a number of critical elements required, however momentum is essential.
Momentum in business is ‘the force that keeps a business moving, or growing, in the right direction.’
At Simply Business we have identified that a business that loses momentum does so for one of, or many, of the following reasons;
- Will of the owner; the owner doesn’t want to grow and becomes complacent about the position of the business
- Stagnation; The owner wishes to be bigger, but doesn’t know how to do so
- Lack of thinking big; Think small and you will be small. In a previous article, we challenged readers to Think Big as a way of breaking those barriers
In this article we will further explore reasons for why a business loses its momentum and the potential power of growth if the momentum can be started. Much of our material is sourced from the book ‘Thinking Big’ by Donald Trump, which we highly recommend reading.
So, what causes lack of momentum?
For a majority of the time, it is a lack of leadership; as leadership is the prime source of motivation. Some symptoms of a lack of momentum are;
- Lack of activity
- Lack of leadership
- Lack of passion
- Lack of intensity
We are all capable of losing our momentum. When that time comes, you need to know how to deal with the situation.
It must be remembered that if you – the leader – stop, the momentum stops. When that happens, it will turn on you and take down everything you have built in your business.
If you are starting a new business or job, you have no contact or track record. Nobody is calling you, and nothing is happening – basically, you have no momentum.
In summary, you have either lost your momentum, or you have none to start with.
In either case, you have to do something about it. The following are some simple actions that a potential or new business leader can use to get going;
- Focus on short-term or specific goals. What can you do now to provide immediate wins? You need to get the ball rolling with passion and intensity.
- Break your tasks in to bite-sized chunks. Go for points, not goals. Build your image and reputation one client at a time.
- Quantity first. Go for the 80% quality approach to get some quantity (volume) happening. Aiming for 100% quality will stall momentum.
- Results, not activity. Momentum is a series of successes. It is about winning. What specific successes would you like to achieve today, tomorrow and next week?
- Do it Now. Momentum requires a sense of urgency, even a dose of paranoia. So if you believe that a series of successes will provide momentum, don’t procrastinate – start NOW. Start small, focusing on completing one thing at a time. Get it done. Just do it.
- Make others responsible. If you can’t, or don’t want to do something, do the right thing by the company and make other responsible by delegating, empowering or recruiting.
- Persistence. Don’t let set-backs stop you. ‘Whatever doesn’t kill you, makes you stronger,’ ‘Don’t throw in the towel,’ ‘Keep fighting.’ Whatever motivational quote you need, use it. Keep making more contacts and undertaking more activities; things will happen. You never jibe when there will be another chance or another great opportunity just around the corner.
- Never give up. Only give up on something when it is clear that there is no other option. Do not let problems or bad challenges stop you. They are normal, except when dishonesty or other core values are compromised.
- Maintain focus. Focus on something you are good at, or have the potential to be good at. Even more importantly, focus on something which you are passionate about. Increase your knowledge about the subject. Make your focus intense enough to make the effort worth it, and your momentum will make sure the effort will not be futile.
- Overcome barriers. The problems you encounter will be temporary if you keep your momentum moving forward. Remember if something is easy, then everyone would be doing it. Big challenges make you stand out. If it is easy, there often is not much profit in it.
- Source a partner. Latch on to a business trend that has great momentum, then partner with others to set big goals and let the momentum lead you to a higher level.
- Find a good mentor. A good mentor will provide accountability and challenge you. You must however also continually challenge yourself. A good mentor will also give you opportunities and provide effective teaching tools. They will help you identify and build on your strengths, and help you work on your weaknesses.
- Values. To keep momentum going, you must have intrinsic values, as well as monetary values. You must also recognize when it is time to start giving back.
There are a range of strategies – often only a few of them appropriate for you. Pick one, and just do it. Start the ball rolling, and the ‘momentum’ will happen.
If you would like help from Simply Business in starting, or continuing your momentum through our mentoring program, please contact us on email@example.com or 03 9797 0590.