Plateaus are a natural part of business growth and nothing to be feared. However, if you can’t remember the last time you felt excited about your monthly profits, that’s a good sign you’ve been treading water for too long. The following five strategies can be implemented immediately to boost your business out of stagnant territory and back up on the incline to success.
1. Up your content game
If you’ve been handling all your own website content, it may be time to consider enlisting the services of a professional. A talented copywriter for websites will be able to create a content strategy that leads to improved engagement from humans and search engine algorithms alike. Website copy is about so much more than just the words on the page, so if your business has plateaued, this should be one of the first strategies you apply.
2. Revisit your business plan
Though a business plan is central to your success, it’s unlikely that reality has neatly conformed to your projections. From the economy at large to your target market, your products, services, and the goals you wanted to achieve, so much will have changed since you first penned your plan. With this in mind, it’s worth revisiting this document and tweaking it to ensure it’s still a blueprint for growth. If you need help with this, consider hiring a coach or joining a small business group mentoring program.
3. Rethink your pricing structure
Many growth plateaus are caused by the false belief that slashing prices is the best way to win customers. Though you may earn a few extra clients in the short-term, you’re hedging yourself into a situation in which you have to work longer hours for less pay while constantly racing your competition to the bottom. People who look for the cheapest option will usually jump ship for a better price, so your whole client base could be lost if someone undercuts you.
If this sounds familiar, it may be time to add value to your offerings instead of trying to compete on price. Find something you can specialize in that makes you stand out from the crowd, and you’ll soon be competing for profitable clients rather than stingy ones.
4. Inject some personality into your brand
Building from the last point, if you want to stand out to customers, your brand needs a personality they can vibe with. Brainstorm ideas that match your own personality. If you’re a vibrant person who loves being the center of attention, you could offer webinars or video tutorials. Quieter entrepreneurs might like to write an ebook or create beautiful, branded merchandise to give to loyal customers. Working with a charity that aligns with your core values is another fantastic way to share your personality and community spirit with your customers.
5. Check your expenses
If this plateau has come after a period of growth, it’s possible that you got ahead of yourself with your expenses. Did you lease an expensive CBD premises when an affordable serviced office suite would’ve been more than enough? Have you splurged on costly tech or let the digital subscriptions pile up? By cutting back to only the essential expenses, you give yourself more resources for pushing through plateaus and investing in strategies that will drive growth.
No-one likes being stuck on a plateau when they’re dreaming of growth and success. However, this is a valuable opportunity for you to reassess your business plan and the strategies that have gotten you here. Work through the adjustments listed above, and this plateau will soon be a thing of the past.