- Most companies reach a point where business growth plateaus, but some entrepreneurs will be eager to continue expanding
- Mindset can be an important consideration in kickstarting new business opportunities
- Business owners should identify problems that might be hindering growth and pursue strategies that can assist further expansion
Summary by Dirk Langeveld
For most companies, the time comes when the growth of their business flattens out. This isn’t necessarily a bad thing; a plateau can be a sign of stability and success, as you’ve reached the point where you have a solid customer base and consistent revenues.
But as the COVID-19 pandemic demonstrated, companies that have grown too comfortable with business as usual can be more vulnerable to sudden shifts in the market. A plateau can also be frustrating to business owners who wish to scale up their operations.
Kara Brown, CEO of the lead generation firm LeadCoverage, recently shared tips for how plateaued businesses can scale in a Young Entrepreneur Council post for Forbes. One of the key steps is to approach a scaling attempt as if you’re starting a new business and to have confidence that you’ll be able to take on the necessary challenges.
Scaling might also focus on improving what your company does best or the aspects that are most unique to your company, or finding secondary uses of your product that let you target new markets. Business owners should also identify issues that might be stymying growth, such as a poor or outdated business plan, pricing problems, a failure to stand out from competitors, or a reluctance to consider pivotal changes including outsourcing certain tasks.
