The Growth Plateau is a common experience for many companies, where growth stagnates, and it feels like your company has hit a ceiling. In many industries there seems to be a revenue ceiling that few companies are able to surpass. There can be many factors that contribute to this such as market saturation, cost of expansion, old processes and systems, or competition, but breaking through the growth ceiling is really just a choice. Primarily it is a choice to do business in a different way.
This starts by innovating and improving products or services in ways that address customer needs while differentiating your company from competition. Second, explore new markets or customer segments that could use your company’s products or expertise. This could involve expanding into new geographies or targeting a different demographic group.
Finally, review and optimize how your company gets things done. This begins by ensuring operations are as efficient and cost-effective as possible. Optimizing internal processes can also create a new strategic advantage by responding to customers faster or better. You can also explore new ways to reach customers such a fresh marketing approach, collaborative selling, on-line ordering systems, or a customer portal.
By adopting these strategies, companies can reignite growth and break through the growth ceiling. If you would like to learn more about improving and growing your company, contact us at Anavo Growth Partners. You can also find other business-improvement articles on our blog page.
