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When you’re in business for yourself, it’s not uncommon to reach a plateau. These are points where it feels like growth is becoming stagnant and there’s nothing that you can do to get that growth to continue in the right direction. While these plateaus may be frustrating, they are not the end-all-be-all. Growth is still attainable, you just have to think outside of the box. Today, we’ll talk about3 ways that you can go about breaking the plateau in your business.
Table of Contents
Plateau Breaker #1: Redefine Your Offering And Increase Your Prices
Often,entrepreneurs will build themselves into a box by offering services at relatively low prices. The truth of the matter is that while price competition may be a way to break ground with your business, at some point, you’ll feel the headaches of low prices. At the end of the day, if you charge low prices, you have to bring on large amounts of customers. This will lead to issues with customer service as VIP service simply can’t be provided to thousands of customers at the same time.
Successful and renowned entrepreneur, Russ Ruffino created a multi-million dollar Inc. 500 listed business by thinking outside of the price competition box. Instead, Ruffino charged more for his services, making it possible to provide the services that he wanted to. He also noted that those who paid more for the service were likely to get more out of it as they were more likely to follow through with their side of the purchase.
Sometimes, it’s a good idea to set back and consider what makes your product service valuable and creating marketing campaigns around these high value aspects of your product or service. By focusing your efforts on high value transformation, rather than information about your product or service as a whole, chances are that you will attract customers that are willing to pay more, breaking your plateau.
Plateau Breaker #2: Automation
When you’ve hit a plateau in business, it’s often the result of the fact that there are only so many hours in the day that work can be done. Entrepreneurs often find themselves juggling tasks in an attempt to get as much done as possible.Unfortunately, one valuable tool is often overlooked. That tool is automation.
Think about your sales and fulfillment process. Is there a part or two in this process that can be automated, but is not yet? This can be your plateau breaker. At the end of the day, adding automation where it fits in business will do multiple things for you. First and foremost, it will free up time for you to focus on growth. Moreover, automation alleviates the human error issue. So,human error will no longer lead to time loss either, opening the door to even more opportunities for growth.
Plateau Breaker #3: Become A Risk Taker
When an entrepreneur first launches his or her first product, service or company, chances are that they’ve taken great risks to do so. However, over time, as we find success, our willingness to take risks starts to diminish. This, in and of itself tends to lead to plateaus in business. Many are held down by the fact that they are no longer willing to step out on a limb and see what happens with a new marketing tactic due to fear of losing the growth that they’ve created.
The truth of the matter is that whether you are in the beginning phases of business or you are a veteran, the willingness to take a risk is always important in business. Risking money and time on marketing strategies could lead to loss, and that loss can be scary. However, on the other side of the coin, taking these risks can also lead to compelling growth that will help you to break through your plateau.
The Takeaway
The fact of the matter is that just about every business will eventually run into a plateau. However, getting over that plateau may not be quite as hard as you think. Taking a moment to step back and re-evaluate your marketing efforts, think about automation, and consider taking on larger risks could mean the difference between a continued plateau and growth!
About Carson Derrow
