4 Key Strategies to Use When Business Growth Plateaus

It’s a tale as old as time – the growing, growing, growing, grown business that hits a glass ceiling, where sales are stagnant or moving forward slower than desired. Business executives scratch their heads, roll out new products and services, and invest in employee training, but the results don’t materialize, or they don’t maintain levels of growth for long.

If this describes your company, you are not alone. In fact, by understanding this reality, you are already ahead of the game. Explore four of our top recommendations for companies that are looking to take their growth to the next level:

  • Optimize Financial Reporting – Improve your analyses, improve your outcomes.

    When your business growth has slowed down, or even steadily plateaued, it is difficult to pivot if your information has gaps. Before you change your processes, launch new products, or invest in additional hires, it is critical to have a 360-degree understanding of your financials in order to develop forward-looking goals that are realistic and strategic. Otherwise, your company risks placing money and time into the wrong departments, initiatives, or people, which could easily turn a plateauing business into a declining one.

  • Standardize Processes – Develop consistency and reduce errors.

    Often, businesses are plagued by subtle productivity killers caused by redundancies, micromanagement, and miscommunication. Internal issues are continuously escalated to senior management or various departments are double-dipping responsibilities, fueling frustration and diluting efficiency. Before you implement new systems, make new hires, or develop new processes, your company needs to have standardized processes in place with clear allocation of roles and responsibilities. Without scalable standards, you may be putting your company at-risk of lower revenue streams, reduced productivity, and impeded growth.

  • Solicit Feedback – Gain a holistic understanding of problems, then create comprehensive solutions.

    You may have heard it from your parents, but we are here to say it again: you learn more from listening than you do from speaking. Your employees and your peers frequently have a high-level understanding of the pain points in your business because they are directly impacted by them on a daily basis. Take time to schedule one-on-ones or a departmental get-together and ask where people need help, so that you can identify areas of concern and begin to take meaningful action. Moving forward, proactively cultivate an atmosphere where feedback is welcomed, so that you can continually improve your business.

  • Build an Actionable Growth Plan – Go beyond goals and start implementing.

    The hardest part is not implementing change or getting ideas – it’s putting good ideas into action in a manner that is strategic, consistent, and efficient. Before adapting your processes or distributing new materials, take time to create goals that realistically align with your workload – after all, your full-time job will still demand the same rigor and quality while you queue up new initiatives. However, if this process overwhelms you, you seek additional accountability, or you need third-party expertise, consider exploring your outsourcing options. Whether that means jumping on a call with your board of advisors or setting a meeting with business consultants like our team members at RVR, be prepared to make intentional change if you want to see worthwhile results.

     

Schedule a complimentary intake call with one of our trusted consultants to discuss your business growth goals.

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