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Are you feeling stuck in your business? Are you struggling to scale and grow despite your best efforts?
If so, then it sounds like you’re experiencing a business growth plateau. But don’t worry – this is perfectly normal! Nearly all businesses will go through a period of stagnation at some point.
The key is to identify the cause of the slowdown and take action to correct it. Otherwise, your business may never reach its full potential.
(Below is a transcript of today’s featured video, “How To Overcome a Business Growth Plateau”.)
Many times businesses will achieve one to three million in revenue and then start to plateau.
Why does this happen? Well, I’ll explain this phenomenon in today’s video.
So there are several reasons why companies start to plateau at around one to three million. And the first reason is often that the company is too dependent on word of mouth and referrals.
But another equally common reason is that your priorities changed as you grew. So let me explain.
When you first started, your business didn’t have many clients. So you spent at least 80% of your time working on your business and then 20% of the time working in your business.
But then, as your business grew, it required you to spend more time hiring, training, managing clients, etc. And as a result, 80% of your days are now spent working in the business instead of working on your business.
So, in essence, as you grew, your priorities sort of flip-flopped.
You see, where you invest your time will determine the results that you get.
To build a company that produces consistent and sustainable growth, you must maintain 70 to 80% of your days working on income-producing activities.
And to do this, you must have a plan of action and systems and processes for all of your most important activities so you can delegate and scale.
Growing a business starts by understanding the basics and then building on this knowledge. Read more about next-level growth strategies in this related feature: “The Predictable Profits Guide to Growing Your Business.”
Now the easiest way to do this is to take a screen share of myself doing a task. And when I do this, I’ll walk through every step.
And then, I’ll send it to my assistant and ask my assistant to create a step-by-step system and process for this task.
Then I’ll review the process and suggest any changes. Just go through once more myself to make sure it’s perfect, and then hand it off to a team member.
Of course, at that point, I’ll review their work for consistency. And then, well there you go. We’re off to the races.
So if you’re plateauing, ask yourself, “how much time am I spending working in the business instead of working on the business?”
Remember: to build a company that produces consistent and sustainable growth and pushes you over to that next billion, you must maintain 70 to 80% of your days working on income-producing activities.
Here at Predictable Profits, we constantly talk about growing your business. Check out some of our other pieces for even more valuable (and actionable) tips you could do now to take your company onward and upward:
Be part of our ever-growing community of seven- and eight-figure business owners:
Would you like to know how to take your business to the next level? Predictable Profits is dedicated to helping top entrepreneurs (just like yourself) build best-in-class business strategies.
Schedule a complimentary coaching session with the Predictable Profits team today.