Every business on its journey of growth will reach a point where nothing seems to move forward and everything is at a standstill. It is the most commonly occurring phenomenon of reaching a plateau – a growth plateau. This is the juncture where a boost of some kind, a powerful infusion of energy, enthusiasm and implementation of tried and tested principles will enable your business to manoeuvre itself out of the plateau and surge ahead on its new path of powered growth.
It is the sheer driving force of a determined entrepreneur that steers a small business to the point of growth, from where it suddenly seems as though the company cannot move forward at all. The owner who has managed the growth alone can no longer sustain the growth on his own now. Neither has the entrepreneur created a managerial level of employees who can be relied upon to sustain the growth. Small businesses tend to feel at a disadvantage in such situations.
It has been proved though research and analysis that to be able to navigate one’s business successfully across the plateau, and climb towards the next level, businesses have to generally followed four essential steps.These are:
Opt for a professional organisation structure
Small businesses can function on a loosely made up organisation structure initially, but when the number of people working in the company increases beyond 25 or 30 people, it is time to create a clear organisational hierarchy for reporting. Till you reach that point, companies do not realise the necessity or importance of a well-defined organisational structure. They had probably been working untiringly as a team to reach the position they are presently in and would probably have been in the fast growth mode and grasped every growth opportunity. It is only when the company has become unwieldy by way of sheer size that it requires to designate clear organisational roles and delegate responsibilities in order to function seamlessly as a close-knit well organised team to stay successful.
Clear goals and objectives are set for every segment of the business
It is essential to set goals and targets for each segment of the organisation structure and also for every individual in the segments. These goals could be monthly, quarterly half-yearly or yearly – but it would be better to have a review on a monthly or quarterly basis. The team at the helm should make sure that the results achieved by the various segments of the organisation in reaching their goals should be in line with the company’s achievements and targets.
Limit your growth avenues and focus on you special talent zones
It is but natural that small businesses with ambition to grow are constantly on the lookout for growth opportunities. In the initial stages, utilizing every good opportunity drives growth, but later on when the business has achieved sizeable growth, it is prudent to be more selective in availing every opportunity which comes one’s way. The key word now would be capital resources but the ‘focus’ would be on a specialised areas where further growth is possible depending on the particular segments where the company wishes to concentrate.
Make sure to recruit skilled, suitable, and talented people
For small businesses, it is necessary to hire people with similar entrepreneurial zeal to ensure growth of the business in its initial stages. But as the company grows and expands it will need people with different skill-sets in order to handle the growth. In the beginning it may seem like unwarranted expenditure, but recruiting talented personnel and building a strong skill base will be beneficial for the business in the long run and will contribute substantially to the success and growth of the business.
Winning through a situation when your company has reached a plateau lies entirely in concentrating on the area where your company wants to excel and move to that area with a greater focus. Use the available talent to enable the company to reach its next level with relatively less effort. If your company is unable to negotiate these steps, moving forward with renewed force may not be possible.
Rejuvenate your organisation, infuse strength, and…achieve success.
The author tells us that every business on its journey of growth will reach a point where nothing seems to move forward and everything is at a standstill. It is the most commonly occurring phenomenon of reaching a plateau – a growth plateau. This is the juncture where a boost of some kind, a powerful infusion of energy, enthusiasm and implementation of tried and tested principles will enable your business to manoeuvre itself out of the plateau and surge ahead on its new path of powered growth.