Businesses often experience periods of growth followed by plateaus where progress seems to stall. A plateau can be extremely frustrating, as you surely put an immense amount of energy toward your company and a lack of results can be very discouraging.
Marino Sussich is a business expert that understands the struggle of falling into a period of stagnant growth, and is extremely knowledgeable in the steps that can be taken to return to business growth and success to continue achieving your vision.
Learn more about what a plateau is exactly, along with 8 ways to hoist your business out of it.
As business growth slows, you may begin to enter a plateau. This is a period of lack of progress, and generally occurs as your business transitions from one stage to the next, where the same strategy will not have the same impact.
Plateaus happen in every company, and will happen multiple times. These periods may seem like a negative experience, but the truth is they are essential to growth. With the correct approach, they can promote a healthy reassess of internal processes that will lead to sustainable business success.
When you reach a plateau, the first step you should take to begin to break through it is to go back to your established business vision when the company initially began. Think about the reason that you started the business, the problem that you wanted to solve and why this was important to you.
Decide if this vision is in need of an update, if you are still passionate about the same reason or if more needs to be done to incorporate this vision into business operations.
A phase of stagnant growth could indicate that your business strategy is no longer effective. It’s a good idea to take a step back and assess your current strategy, including identifying the current state of the business, conducting a SWOT analysis and determining the method of achieving your vision.
To pull your business out of stagnancy, expanding the products or services that you offer can help to tap into new market opportunities and therefore reach a wider audience. Brainstorm complementary products or services that align with what you already provide, and explore new niches.
Improving customer service by personalising interactions and exceeding customer expectations is a great way to increase business growth. It is recommended that you provide easy methods for customers to provide feedback on services in order to make targeted improvements.
Increasing marketing efforts will assist in better reach of your target market. Consider the various streams of communication including social media, email marketing or online presence with SEO.
It may also be a good idea to reassess your target market as, over time, the problems you are solving and the people who are facing them may be subject to change.
Investing in the training and development of your team is important in order to build a stronger team that will assist in improving the business’s overall performance. Remain on the lookout for opportunities to upskill your employees to assist in staying on top of industry trends.
You should ask yourself whether all those within the team understand and work in line with the company’s purpose, and whether they are adequately equipped with the necessary expertise to achieve the business objectives. Are all the team members making a valuable contribution, or are they overwhelmed and in need of more assistance from new potential employees?
Networking with others and collaborating to create new ideas is an excellent way to tap into new opportunities. You should attend industry events and be on the lookout for contingencies for partnerships.
After solidifying any new strategies or company direction, the most important element is making sure the new direction is understood across the business. Create communication across all the necessary channels, call the necessary meetings, and ensure the mission is visible either on an online company dashboard or on a prominent wall within the office as a constant reminder.
Marino Robert Sussich is a well-known, highly respected and knowledgeable international business consultant. To remove your business from a stage of stagnancy and continue toward success, contact Marino today.