When a business begins to plateau, it can be a challenging and confusing time for any entrepreneur. 

Understanding the reasons behind the stagnation and taking the appropriate steps to overcome it is crucial for continued growth and success. 

Here, we delve into what to do if your business stalls, including:

• The two most common reasons a business stagnates
• How to overcome the loss of momentum
• How to bring your team along for the ride 

Identify the Cause

The first step in addressing a plateau in business growth is identifying why it is happening. There are generally two primary reasons:

Fatigue – If the owner or key team members are experiencing burnout, this can significantly affect the momentum of the business. 

It’s essential to recognise this as a signal to take a step back and re-evaluate your goals and strategies. 

Setting new, realistic goals and redirecting energy towards achieving them can help reignite passion and purpose in the business.  

Aspirations for more – On the other hand, the business might be plateauing because there are dreams of scaling and achieving much more, but the current strategies are not sufficient to reach these higher aspirations.

 In this case, it’s time to critically examine the activities and efforts currently being deployed.

Actions to take

Once the cause is identified, the following steps can help in overcoming the plateau:

1. Evaluate Activities 

Review the current business activities. Are they aligned with the larger goals? It might be necessary to intensify efforts, such as increasing customer interactions or expanding marketing efforts to reach a broader audience.

2. Expand Contacts

Multiplying the contacts with customers and potential clients can significantly boost business engagement. More frequent and meaningful interactions can lead to more opportunities and growth.

3. Marketing Improvements

Analysing and expanding marketing strategies is another way to ensure the business reaches a larger audience. This might involve adopting new marketing channels, increasing advertising budget, or creating more compelling content.

4. Assess the Team

Evaluate whether the right people are involved in the business. Having a team that is passionate and in sync with the business goals can make a substantial difference. It’s also essential to communicate new goals clearly to the team to ensure everyone is on the same page and working towards the same objectives.

5. Set the Right Culture

The culture within the business is a significant factor in its success. A culture that fosters collaboration, innovation, and shared goals can help in overcoming stagnation. Making the team aware of new goals can galvanize them to give more than they previously did.

Overcoming a business plateau requires a clear understanding of what’s causing it and a strategic approach to address the underlying issues. 

Whether it’s due to fatigue or the need for more ambitious goals, evaluating activities, enhancing customer interactions, improving marketing, and ensuring the team is motivated and aligned with the business vision are all crucial steps. 

By taking these measures, businesses can break through stagnation and continue on a path of growth and achievement.

Highlights

• [00:10] Identifying Why Your Business Has Plateaued
• [00:37] Resetting Goals When You’re Tired
• [00:54] Evaluating Activities for Growth
• [01:12] Expanding Customer Contacts and Marketing
• [01:30] Assessing Team and Culture Alignment
• [02:04] Overcoming Plateaus

Resources

• • The importance of taking a break
  • Business Wisdom: Strategies for Success
  • Business Wisdom Unlocked Bundle
  • Business Growth Through Scaleable, Repeatable Success