Tips for Pushing Through Your Business’s Slow Growth Phases

Every business will inevitably have a number of slow growth phases. It’s a common part of any business, even the monumentally successful ones; you’ll have periods of time with exceptional, staggering growth, then periods of time where your business grows very slowly or, in some cases, stagnates entirely.

This can be scary, and many entrepreneurs don’t know how to deal with these kinds of slow growth phases, especially if they’ve never dealt with one before.

The good news is that it’s entirely possible to push through these kinds of slow growth phases. You just need to know how to do it.

Take these four lessons to heart, and you’ll be pushing through this growth process in no time.

1. Remember That Growth Is Long-Term

First of all, it’s important to remember that growth, as a whole, should always be something you look at in a long-term context. 

Every business is tasked with a variety of choices they need to make to ensure consistent growth, and you should never sacrifice longevity for short-term growth. While it can be frustrating to deal with a slow growth phase, it’s important to remember that these growth phases are a natural part of a business’s lifespan, and there’s nothing wrong with going through slow growth at times, if it results in a more successful company.

2. Recognize When It’s Time to Try Something New

Sometimes, slow growth does mean that you’re not doing something quite right. It could mean that you’re behind the curve on new technology that your competitors are doing, that you’re managing your business in an “old-school” way that isn’t as effective, or just that you’re not marketing yourself the way newer brands are.

While you shouldn’t jump on the newest trends just because you’re worried about being left in the dust, companies that absolutely refuse to stay with the times are signing their death certificate. When your business growth slow down, it can be a good time to look into what you can do to update your business for a new audience of customers.

3. Identify Problem Points and Work on Those

Every business has problem points. These points aren’t always necessary to fix immediately; after all, part of running a business is minimizing problem points and seeing how you can fix the ones that you currently have. 

However, when your growth slows down, that’s a great time to look at your current problem points and see whether there are issues you’ve been overlooking just because you feel like they’re “not big enough problems” to seriously assess. Fixing these problems during a slow growth phase can help get you out of a rut.

4. Consider Joining a Mastermind Group

Finally, sometimes your slow growth phases are just because you’re not individually knowledgeable enough to move yourself out of it by yourself. This is completely normal; there’s only so much you can be expected to know as an individual, and you can only do your best.

That’s where Mastermind groups come into play.

When you join a Mastermind group, you’re joining a group absolutely full of like minded entrepreneurs who know the struggles you face in your business and are able to help you move through those struggles. They may have even been in the same situation as you, which means they can offer thoughtful advice from a place of genuinely wanting to help. Sometimes, just getting a second opinion from people who know how to handle these slow growth phases can be more than enough to boost you past your current issues.

Take the Next Step to Boost Your Business

If you’re currently running a successful business, but you’ve started running into slow growth phases, you might find that a Mastermind group is the perfect solution to your issues. Being surrounded by people who are also successful entrepreneurs can do wonders for your own business. Don’t wait; request your invitation from Boardroom Mastermind to learn exactly how a Mastermind group can help push you through the slumps that every business faces on its way to greatness.