Every business has lofty ambitions when it comes to growth. However, not every company will achieve them. If you’re running a business, then at some point in the journey you might find yourself hitting a growth plateau. While it’s a frustrating experience, you shouldn’t feel alone in it – it’s a more common occurrence than you might think. Many businesses reach a point where they are no longer growing as quickly as they would like to. And, often, business owners and managers aren’t sure what the next steps to take are to turn things around.
The good news is there are several effective strategies you can use to overcome a business growth plateau and take your company up a level.
Evaluate Your Current Business Model
If you’ve hit a growth plateau, the first step in the journey of overcoming it is to take a close look at your current business model. Could you improve any of your current ideas? Are any bottlenecks or inefficiencies getting in the way and holding your business back? A SWOT (strengths, weaknesses, opportunities, threats) analysis is an excellent approach to take. This will help you get a clearer understanding of your current situation and make figuring out what needs to change easier.
Innovate and Differentiate
You can’t escape the need to innovate if you want your business to achieve sustained growth. If you are not constantly improving and differentiating your products or services, then the likelihood you’ll fall behind the competition is high. Take an in-depth look at your industry and identify any new areas where others may be innovating and differentiating whilst you are not. This could involve introducing new products or services or making improvements and changes to your existing offerings.
Harness the Power of Peer-to-Peer Support
Peer-to-peer support is one of the most powerful resources available to business owners. By connecting with other business owners who are facing or have faced and overcome similar challenges, you can work together to find solutions. Peer-to-peer support gives you the chance to learn from people who make take a different approach to you or have ideas that you may not have considered. This can be done in several ways including online forums, industry associations, networking events, or a business growth club.
Focus on Customer Retention
It’s crucial to remember that acquiring new customers is not the only aspect of business growth and success. Customer retention is just as, if not more important. If you are not retaining existing customers, chances are that you’re losing out to your competitors. Shift your focus from new customer acquisition to building long-term customer relationships by providing exceptional support and service.
Consider Working with a Consultant
Finally, working with a good business consultant can be an ideal way to overcome a growth plateau. A business consultant can bring a fresh perspective to your company along with expertise you can take advantage of. They can help you identify areas for improvement that you might not have noticed and develop a clear plan of action for growth.
Hitting a growth plateau is not uncommon for businesses. However, it doesn’t have to mean failure. By putting some effective strategies in place, you can break through the plateau and take your business up a level.
