Any business is bound to hit a wall somewhere, whether you’re a small time business or a big mega-corporation. This is the proverbial plateau, a part of many business practices where you’ve stopped growing.
You will hit this part soon enough and the invisible wall will be nearly insurmountable unless you do something about it. Here is how you can overcome this troublesome period and keep an explosive growth.
The Reasons Why Businesses Plateau
The first thing you need to know about the business plateau is that it’s going to hurt when you hit the wall and you won’t know why it happened. Most of the time, there’s a number of reasons why businesses stop their growth. We will discuss them extensively in the future, but here are the reasons:
- Mixing in with competition
- Settling with “just enough”
- Investing too much on “technology” for the business
- Investing too little on helpful “technology”
- Business plan that stopped working
- Bad pricing methods
- Low conversion rates
- Wrong market focus
- Avoiding growth risks
- Disproportionate business capacity
These 10 things tend to hamper a growing business since this does not allow for enough ceiling. Much like how a space on top of the soda bottle is kept there to prevent it from breaking apart, you should keep enough space for your business to move up – not overfilled that all your extra funding is consumed but not underfilled that you cannot accommodate a sudden increase in business.
There are ways to make sure that you get over this hump. Here are ways to do it.
Identify What Made You Plateau
Finding out the reason why your business has plateaued is a matter of introspection and data crunch. What recent acquisitions did you do? What are the expenses that you had? Are you overstaffed or understaffed? Do you have tech that is too specialised and doing just one thing, or are you stuck in the past and not buying tech because you think it’s unnecessary expense even if it’s derailing your production?
Go back to the 10 reasons and use your data to find out which are the reasons. Identify them and narrow down the results. For your website, use Google Analytics and see how are your ads faring, see if your social media is still going through.
Adjust Your Content Where Needed
If you are getting less engagements and conversions, use your email listing and send out newsletters or valuable information that people can use in regards to your business. Provide new content and review how any of the existing content like blogs and social media posts work.
Curate relevant articles from your industry, share and re-share your content and blogs that have done well in the past, send discounts and special promos to help reinvigorate your business website.
In social media, use hashtags and create calls to action that ask the reader to participate in a question or a shared idea. Having a regular schedule is key to making sure that you are consistently visible to your audience throughout the day.
Find Issues in Your Website’s SEO and Performance
Do a full check of your website and see if you have any issues with your business website. Look for possible broken pages, links and find out where your engagement dips.
- Check your SEO. Do you have penalties? Do you have 404’s or other errors? Find weak areas where you can improve further and make sure that all your pages are optimized.
- See if your on-page SEO is on point. Is your keyword density ok? Are you using your primary keywords properly? Do you have enough LSI keywords? Do you have a keyword in the title, paragraphs and sub-headings?
- Is your information relevant? Is your language free from grammar errors and spelling mistakes? Is it coherent?
Be Ready For Change
Changing your business model is a prime solution if your current model is not working. If you are an e-commerce business, find ways to get your pages out there in the market. Use strategic ads according to what part of the business is not performing well. Utilise promo codes, discount vouchers and other tripwire offers to get people to buy-in.
If you have enough money, reach out to influencers so that they can help market your business with you. Influencer marketing has become a big part of how business works and, if your business aligns with their current demographic, you can get a big boost from this.
Creating a paradigm shift in the way you do business and streamlining it to be more efficient is an important part of improving the business. Cut as much of the middleman as possible with your dealings and harness platforms where your possible audience may lie.
Address Any Need for Capacity Upgrades
Any business may have a big whale – a big ticket buyer that will push in great cashflow, that they would need to take care of. There’s a few issues here that you would need to address carefully.
One, is this whale big enough to warrant an increase in capacity? Two, does this whale stay or is it a simple seasonal thing? Three, can you get temporary help in both workers and technology to take care of this single influx or is it about time that you upgrade your staff and technology?
You would need to gauge if a status quo or upgrade helps. Upgrade if you are currently at full capacity even for everyday operations, otherwise stay on the status quo and utilise all your resources as much as you.