1409: How to Push Past a Business Plateau by Lisa Harrison of Mad Money Monster on Entrepreneurship

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[00:00:57] [SPEAKER_01]: It is common to see entrepreneurs complain that their businesses are not expanding as quickly as they want.

[00:01:03] [SPEAKER_01]: You may have fantastic products and deliver exceptional customer service, yet your business doesn't record any growth.

[00:01:10] [SPEAKER_01]: Research has shown many reasons a successful business can hit a plateau,

[00:01:14] [SPEAKER_01]: including outdated business plans and poor pricing strategy.

[00:01:17] [SPEAKER_01]: It can be frustrating when you feel you have hit a wall in your business and are not progressing.

[00:01:21] [SPEAKER_01]: However, you can get your small business moving forward again with these tips.

[00:01:25] [SPEAKER_01]: 1. Rethink Your Business Model

[00:01:29] [SPEAKER_01]: Today's market is ever-changing and what was successful yesterday may prove inadequate.

[00:01:33] [SPEAKER_01]: It may be time to sit back and rethink your business model when you reach a business plateau.

[00:01:38] [SPEAKER_01]: Consider changing your current model if it isn't working anymore.

[00:01:41] [SPEAKER_01]: Look at your business from a different perspective and find out if you could

[00:01:44] [SPEAKER_01]: implement new tactics or strategies to make your business more successful.

[00:01:48] [SPEAKER_01]: If possible, revisit your startup plan and check if you skipped anything in haste to launch your business.

[00:01:54] [SPEAKER_01]: 2. Test New Products or Services

[00:01:58] [SPEAKER_01]: Testing new products or services may be the key to pushing through the stagnant growth phase

[00:02:02] [SPEAKER_01]: while experiencing a business plateau. Usually when a business plateaus, for some reason,

[00:02:07] [SPEAKER_01]: a lot of owners will just go ahead and start cutting off their products.

[00:02:10] [SPEAKER_01]: But this is a horrible idea. In fact, during this time you're going to want

[00:02:14] [SPEAKER_01]: everything to become completely better. Of course, you may have some extensive research to do,

[00:02:19] [SPEAKER_01]: such as looking to see what can work, like heat shrink tubing and what might not work,

[00:02:24] [SPEAKER_01]: such as what would be too expensive. But that's honestly all a part of the

[00:02:28] [SPEAKER_01]: process of having a business, especially one you want to be entirely successful.

[00:02:32] [SPEAKER_01]: Examining the potential of introducing novel offerings to your customers could

[00:02:36] [SPEAKER_01]: reignite interest and enthusiasm for your brand, generating a renewed buzz and new revenue

[00:02:41] [SPEAKER_01]: streams. Although such a move may be risky, it could pay off as it showcases your company's

[00:02:46] [SPEAKER_01]: adaptability to market trends and consumer preferences. Assessing new products or

[00:02:50] [SPEAKER_01]: services may include production, distribution, messaging, and pricing challenges.

[00:02:55] [SPEAKER_01]: If you do look into production then you may want to spend time researching the other elements

[00:02:59] [SPEAKER_01]: that will be involved in creating new products. Things like part numbering schemes to help

[00:03:04] [SPEAKER_01]: you keep track of parts. This can help your customers to identify areas they may need

[00:03:08] [SPEAKER_01]: replacing, upgrading, or changing in the future. Production also needs an area in order to do it,

[00:03:14] [SPEAKER_01]: but you could also outsource that and focus on the distribution.

[00:03:17] [SPEAKER_01]: Still, the potential growth and expansion that could follow may make the step worthwhile.

[00:03:22] [SPEAKER_01]: 3. Invest in your employees

[00:03:25] [SPEAKER_01]: Investing in employees is a crucial tactic for surpassing a business plateau.

[00:03:30] [SPEAKER_01]: By nurturing and cultivating existing talent, you can unleash new levels of capability

[00:03:34] [SPEAKER_01]: and efficiency within individuals and across the company. You can achieve this through training

[00:03:39] [SPEAKER_01]: and development programs, mentorship and coaching, and other initiatives that grant

[00:03:44] [SPEAKER_01]: staff members the autonomy to take greater responsibility for their work and contribute

[00:03:48] [SPEAKER_01]: more deeply to the business's expansion. Also, investing in employee satisfaction through

[00:03:53] [SPEAKER_01]: perks, benefits, and additional incentives can boost retention rates and foster a positive

[00:03:59] [SPEAKER_01]: corporate atmosphere to propel innovation and generate new concepts that can help businesses

[00:04:04] [SPEAKER_01]: to move past plateaus. 4. Reach out to new markets

[00:04:08] [SPEAKER_01]: Reaching out to new markets can be a paramount strategy for breaking a business plateau.

[00:04:13] [SPEAKER_01]: You may investigate the unexplored potential in budding markets, diversify your customer base,

[00:04:19] [SPEAKER_01]: and ultimately foster growth beyond the boundaries of your existing market.

[00:04:23] [SPEAKER_01]: This step could encompass expanding geographically by targeting different regions,

[00:04:27] [SPEAKER_01]: concentrating on different demographic groups, or introducing novel products or services to

[00:04:32] [SPEAKER_01]: capture a larger audience. You can surpass the plateau and access previously untapped potential

[00:04:37] [SPEAKER_01]: by systematically recognizing new market needs and pursuing the right opportunities.

[00:04:43] [SPEAKER_01]: 5. Focus on customer retention Focusing on customer retention

[00:04:48] [SPEAKER_01]: can help your business progress. Retaining current customers is usually more

[00:04:52] [SPEAKER_01]: economical than acquiring new ones, making it an efficient way to sustain revenue streams

[00:04:56] [SPEAKER_01]: and foster long-term expansion. Strategies for customer retention include

[00:05:01] [SPEAKER_01]: delivering outstanding customer service and providing personalized experiences.

[00:05:05] [SPEAKER_01]: You may also introduce loyalty or rewards programs to keep customers captivated and

[00:05:10] [SPEAKER_01]: satisfied, gather customer feedback, and refine your offers to meet their desires and expectations.

[00:05:16] [SPEAKER_01]: 6. Assess your competition By studying your competitors and appreciating

[00:05:21] [SPEAKER_01]: their strengths and weaknesses, you can uncover untapped opportunities, differentiate yourself,

[00:05:27] [SPEAKER_01]: and remain ahead of the game in your industry. You can accomplish this through competitive analysis,

[00:05:32] [SPEAKER_01]: which involves collecting data on competitor products and services, pricing, marketing strategies,

[00:05:38] [SPEAKER_01]: and so on. An in-depth analysis can uncover gaps in the market that are not currently

[00:05:43] [SPEAKER_01]: being addressed, giving you a chance to present new and inventive solutions to move past the

[00:05:47] [SPEAKER_01]: plateau to reach new heights of success. 7. Revive your passion

[00:05:54] [SPEAKER_01]: When a business plateau hits, you may lose enthusiasm and feel drained.

[00:05:59] [SPEAKER_01]: Reviving that excitement can help move past the plateau and bring energy back into the business.

[00:06:04] [SPEAKER_01]: Remind yourself why you started in the first place and what drove your initial passion.

[00:06:08] [SPEAKER_01]: You can also explore new ideas and innovations that align with your values and mission.

[00:06:12] [SPEAKER_01]: Investing in your personal and professional development through reading,

[00:06:15] [SPEAKER_01]: networking, or attending seminars can bring fresh perspectives and new possibilities to

[00:06:20] [SPEAKER_01]: rekindle your passion. Consider delegating some tasks and responsibilities to free up some mental

[00:06:25] [SPEAKER_01]: and physical space to focus on the areas you are most passionate about. By intentionally

[00:06:30] [SPEAKER_01]: reconnecting with your own enthusiasm for the business, you can reignite your drive

[00:06:34] [SPEAKER_01]: and break through the plateau to reach new heights of business success.

[00:06:38] [SPEAKER_01]: 8. Leverage technology You can leverage technology to make your

[00:06:43] [SPEAKER_01]: business innovative and efficient to beat your business plateau. By automating manual tasks and

[00:06:48] [SPEAKER_01]: using data and analytics, your business can improve its model and discover new prospects for growth.

[00:06:54] [SPEAKER_01]: When collecting data from customers, it is vital to be transparent.

[00:06:58] [SPEAKER_01]: Using Google Consent Mode is an excellent way to allow your customers to stay in control

[00:07:02] [SPEAKER_01]: while collecting the data you need. Additionally, by embracing innovative technologies such as

[00:07:07] [SPEAKER_01]: artificial intelligence, cloud computing, and the Internet of Things,

[00:07:11] [SPEAKER_01]: you can advance your products and services delivery and enhance the customer experience

[00:07:15] [SPEAKER_01]: through tailored personalization and augmented automation.

[00:07:19] [SPEAKER_01]: 9. Invest in advertising Advertising can help when your business has hit a wall. For instance,

[00:07:26] [SPEAKER_01]: you may invest in advertising to reach new audiences, enhance brand recognition,

[00:07:30] [SPEAKER_01]: and boost sales. By strategically investing in advertising, you can increase your business

[00:07:35] [SPEAKER_01]: visibility and access new customers who may be unaware of your products and services.

[00:07:40] [SPEAKER_01]: Additionally, advertising can aid in reinforcing your brand's messaging and solidifying your

[00:07:44] [SPEAKER_01]: reputation in the marketplace. However, crafting an advertising strategy that is targeted,

[00:07:50] [SPEAKER_01]: measurable, and aligned with the company's overall goals is essential to obtain the

[00:07:54] [SPEAKER_01]: highest ROI and avoid wasting resources. 10. Consider Moving On

[00:08:01] [SPEAKER_01]: If your business's growth has halted or you've run out of fresh ideas,

[00:08:04] [SPEAKER_01]: it might be a hint that it's time to sell. You may lack the motivation to take your business to

[00:08:09] [SPEAKER_01]: the next level. You may also be unwilling to make necessary expenditures or decisions for

[00:08:14] [SPEAKER_01]: business expansion, such as delegating responsibility to your staff. Consider the fundamental

[00:08:19] [SPEAKER_01]: reasons for any situation as it may indicate that you discreetly wish to move on.

[00:08:24] [SPEAKER_01]: Hitting a business plateau is normal, although navigating past it can be challenging.

[00:08:29] [SPEAKER_01]: Fortunately, this article highlighted a few ways to push past it to stay competitive and

[00:08:33] [SPEAKER_01]: profitable and expose your small business to growth opportunities for success.

[00:08:41] [SPEAKER_01]: You just listened to the post titled How To Push Past A Business Plateau

[00:08:45] [SPEAKER_01]: by Lisa Harrison of madmoneymonster.com. This show is sponsored by Better Help.

[00:08:51] [SPEAKER_01]: We all have non-negotiables. Maybe you never skip leg day or have to take your morning

[00:08:56] [SPEAKER_01]: walks, but when your schedule is packed with kids' activities, big work projects, and more,

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[00:09:06] [SPEAKER_01]: it's hard to make time for it. Therapy can help you reclaim control of your time and values,

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[00:09:25] [SPEAKER_01]: therapy, give Better Help a try. It's entirely online, designed to be convenient, flexible,

[00:09:31] [SPEAKER_01]: and suited to your schedule. Just fill out a brief questionnaire to get matched with a licensed

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[00:09:39] [SPEAKER_01]: Never skip therapy day with Better Help. Visit betterhelp.com

[00:09:43] [SPEAKER_01]: slash workdaily today to get 10% off your first month. That's better help,

[00:09:48] [SPEAKER_01]: H-E-L-P dot com slash workdaily. And I want to say thank you to Lisa Harrison for sharing

[00:09:55] [SPEAKER_01]: this post with us. Today, Lisa is a mother, scientist, and financial enthusiast. She

[00:10:00] [SPEAKER_01]: founded Mad Money Monster, which is a personal finance blog chronicling her and her family's

[00:10:05] [SPEAKER_01]: journey from doing money all wrong to doing it all right. On the site, she and her husband are

[00:10:10] [SPEAKER_01]: known as Mr. and Mrs. Mad Money Monster, and they pride themselves on being gen-axers who've

[00:10:14] [SPEAKER_01]: turned it all around and are now charting a course toward financial independence.

[00:10:18] [SPEAKER_01]: And as you might guess, Lisa is also featured a lot over on another one of our show's

[00:10:23] [SPEAKER_01]: Optimal Finance Daily, so be sure to check that one out if you liked today's post.

[00:10:27] [SPEAKER_01]: But that's going to do it for this one. I thank you so much for being here,

[00:10:30] [SPEAKER_01]: for listening every day, and for clicking subscribe or follow in your podcast app.

[00:10:34] [SPEAKER_01]: And I will see you right back here tomorrow, where your Optimal Life awaits.