It is not uncommon for businesses in their early years to experience a time where the growth never seems to go beyond a certain stage. Entrepreneurs may feel that the growth has stagnated, causing them to take stock of the marketing and sales efforts. However, there could be various other reasons for hitting a growth plateau that gets overlooked until it is ready to be shut down.

If you are experiencing something similar, don’t panic. As business growth consultants, we have identified six reasons that may be plateauing the growth and how to fix them.

Your business plan doesn’t work anymore

Your business plan plays an essential role in shaping the growth story of your startup. However, what seemed achievable when you were putting together the business plan may seem like a distant dream right now. 

For instance, you launched a clothing line before the pandemic where your key offering was formal wear for women. With an increasing number of women working from home, there may not be enough demand for formal wear in the market. As a result, your original business plan may not work for the changed circumstances. 

Instead of forcing yourself to stick to the plan, it is time to start innovating. Depending on the target market and demands of the customers, reassess the priorities of your business and set your goals. 

You cannot be distinguished from your competitors 

If you are offering the same product or service as your competitors, you are virtually indistinguishable. Because of this, your audience may look at you as just another provider in the market instead of recognizing it as a distinct brand. 

Take, for instance, Nike. While there are a number of sneaker manufacturers in the market, Nike immediately comes to mind when you think of running shoes. 

That’s why it is crucial to offer something truly unique as a business so that your brand has a unique identity in the crowd. Don’t shy away to think outside the box. Explore the ways in which you can add more value to the lives of your customers. Create a branding strategy to identify the ways in which you can boost brand recognition. 

Your pricing strategy is off

Pricing your products too high or too low can be of the major causes why your business is not accelerating. If you are priced below the market average, you run the risk of attracting only low-value clients. If you are priced way above your competitors, your prospects will always settle for the cheaper alternative.

If this sounds like the issue in your business, it is time to re-do the market research to work towards the correct pricing strategy.  Resist the temptation of hiking the prices without offering value to your customers. Experiment with pricing strategies such as charm pricing (setting the price at USD 99 instead of USD 100) to attract more customers which can successfully increase sales by 24 percent when compared to their rounded-off counterparts.

You don’t pay attention to the opportunities coming your way 

Opportunities are emerging every day. But many entrepreneurs do not have the correct systems in place to make the most out of those opportunities. 

It’s up to you to work out solid strategies that ensure all inbound and outbound leads get the attention they deserve. Invest time in building a strong sales team so that it becomes easier to lock in the warm leads. The bottom line is simple — you need to be proactive and do the work so that the business gives you the desired results. 

You hesitate to ask for help

Trying to do everything yourself is also a recipe for disaster as you may experience burnout. Successful business owners know when to outsource and lean in on the expertise of others. 

Even if you don’t have adequate finances to hire full-time employees, start by delegating assignments to consultants or freelancers especially for functions such as website maintenance and content marketing. Don’t spend too much time reinventing the wheel when you can rely on experts. Your business is your baby and sometimes it takes a village to raise the child. 

You resist taking tough decisions 

Taking difficult decisions is a part of entrepreneurship. The success of your business may depend on the decisions. That’s why if you shy away from making them, you cannot expect astronomical growth in your business. 

Making peace with uncomfortable realities is crucial to keep propelling forward. So rise up to the occasions and do what needs to be done. But here’s the good news — you don’t have to do everything on your own. Leaning in on the experience of business mentors for startups is a great way to overcome decision-making paralysis. You can always learn from the experiences of your mentors before taking a plunge into the deep end of the pool. 

Need help with overcoming growth plateaus in your business? 

No matter which industry you belong to, it is possible to fight the obstacles and move forward. With a little bit of help from your mentors, you can get past the challenges and make your mark as a successful entrepreneur.  

If your business has plateaued and you are on the lookout for business mentoring to understand how best to tackle it, it is time to get in touch with Jupiter Business Mentors. Our expertise lies in connecting the start-up community and small & medium businesses to experienced mentors. With the help of tailored guidance, you can pave your way forward through a plateaued phase. 

If you are keen to know more, don’t forget to subscribe right now to avail of 90 minutes of free sessions with any six mentors on our platform!