Almost 50% of small businesses close within 5 years. That’s quite a statistic.
What often happens is the business kicks off full of energy. The owner is kept busy in the first few years after launching the business with driving sales and operations. There usually isn’t too much time to step back and work on the business, rather than in it.
Then, things start to plateau. Growth begins to slow down. Business owners start to lose motivation.
Have you ever experienced this?
If you have, you will know how unsettling and worrying it can be. However, rather than focusing on the negatives, try to see this time as an opportunity to take a break, step back and reassess where you are in your business and where you want to be.
Then start making plans for sustained growth because entrepreneurs with a vision of sustained growth tend to pull through this slump quicker and more profitably than those without.
This is because they maintain a focus on continuous improvement within their business.
They understand the financials in their business and are aware of how to manage these effectively.
They connect with their community for support and advice.
And they know that optimising processes makes sense if they want the business to run smoothly without being so dependent on themselves.
So, three ways to give yourself the extra push during a period of slower growth
- Know your numbers, examine your cash flow and see where you can cut costs
- Look at organising your processes so when business does pick up, you are in a position to meet demand
- Talk to your community including your employees to find out what suggestions they may have to stimulate sales
Don’t get stuck in the slump, take the time to work on your business if you want to cross the plateau and smash the 5 year success mark!
If you are keen to avoid the business growth plateau and looking for accelerated growth, why not take a look at one of our group coaching programmes and then get in touch.
