If you findi yourself in a business plateau…recognize it is the first step. Certainly, the economy has been causative in some instances …but key is recognition and then steps to change the status. Leadership, management and governance.
Excerpt……Businesses that have hit plateaus are generally well established, and their year-over-year revenue increases have faded. They are typically still profitable, but the owners find themselves taking fewer risks and making fewer investments. Issues such as changing customer requirements, consolidations among customers, increased competition, and industry-wide changes also may be chipping away at growth and profitability. It is easy to identify a plateau in your business by looking at a detailed analysis of the numbers a business can easily obtain or track. New customer acquisitions slow down dramatically year over year. Average revenue per customer may flatline or even decline. Gross profit margins by product or service may level or drop, and product turnover or service staff utilization may decrease or level off. There are operational signs, as well.
Read full article……via Overcome a Business Plateau | NY Report.
