Today we’re going to talk about a stage of business you may be in the midst of, or in the midst of denial towards: growth plateaus. Many of the women we work with are leaders who are transitioning out of the worker role and into a visionary role for their business. It’s important to begin implementing the right systems and processes in order to fully make this transition.
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As an entrepreneur, you are hardwired to move towards the next plateau. But the truth is, you usually need to slow down and assess what needs to be in place before you can scale or grow your business sustainably.
No business owner wants to acknowledge a slow-growth year. It doesn’t sound sexy. But it’s okay to spend a year, or however long is necessary, to implement the right systems, building your team, readjusting your infrastructure, realigning your strategy, or reflecting on your core values.
Plateaus usually occur during or soon after a business hits a maturity stage in the business lifecycle. There are four stages: expansion, peak, contraction, and trough. You can reach a plateau at any of these stages, and they can happen intentionally or unintentionally.
Managing a growth plateau all comes down to mindset. You have to be able to anticipate and prepare for growth. You also have to accept any failure as learned growth. It’s crucial to derive your sense of value from building your business, not just the revenue that’s generated from it. Don’t let your ego stop you from stepping back so you can slingshot forward.
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