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6. Is Your Business Stagnating?
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Combatting Business Stagnation: A Proactive Approach
In this episode of the KBB Unstoppable Business Owner podcast, host Kevin D Bannister discusses the critical issue of business stagnation, comparing it to a stalled engine that needs maintenance.
He highlights the importance of a clear vision, customer focus, and employee engagement to prevent and address stagnation.
Stagnation can manifest through declining revenue, customer dissatisfaction, employee disengagement, and lack of innovation, which can all lead to a decline in profitability, market share, and investor confidence.
To combat this, Kevin introduces the 'D STAG' model, which involves reassessing your vision, prioritizing customer satisfaction, and revitalizing company culture.
He emphasizes the importance of staying agile, fostering a supportive work environment, and aligning with market trends and customer preferences to ensure long-term business health and success.
The episode also draws on a study by the Federation of Small Businesses, revealing the widespread challenge of customer acquisition and retention among UK businesses, underlining the urgency of addressing stagnation to achieve sustainable growth.
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