MBA2271 Q&A Wednesday: I’m stuck! My business is not growing. What do I do?
To borrow a quote from a book title, “What got you here won’t get you there.” It’s normal for new businesses to hit a plateau after a period of initial growth. But how do you…y’know, move past it?
It’s Q&A Wednesday, and we’ve got a listener with exactly that problem.
Plateaus can happen for any number of reasons. Market saturation, changing consumer preferences, economic downturns, competition — the list goes on. When it happens, get your lab coat on! Because the best thing you can do is experiment.
Think of it like starting your business all over again, but with more knowledge.
To keep growing and stay competitive, businesses have to be ready to pivot to new ways of earning customers. This means being open to new marketing techniques, exploring new sales channels, and even rethinking products or services. As the business scales, you might have to redesign all kinds of processes or look at new tools.
Again, you have to experiment.
Ultimately, the key to (continued) success is to be flexible and adaptable. Learn more about all that, and hear our advice — Click Play!
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