How to Regain Momentum After Hitting a Business Growth Plateau?
No business owner wishes to experience that sinking feeling when growth suddenly flatlines. Yet, sometimes, circumstances conspire against you, and your business encounters a growth plateau.
Take the UK tech sector, for example. An article published in Yahoo! states that the country’s tech sector is booming. What was once considered marginal and trendy by traditionalists has now become the dominant force in British business.
But even in fast-growing industries like tech, companies face slowdowns. That is because markets evolve, customer expectations shift, and old strategies stop working.
As Remote, a global HR and payroll platform, explains: “A major shift is happening in tech. Customers want fewer tools with more functionality. They want global capability without global complexity, and fast.” The message is clear: businesses that adapt thrive; those that don’t, stall.
If your company is stuck in neutral, don’t worry. Here, we’ll share practical, proven strategies to help you break through the plateau, refresh your approach, and accelerate growth again. Dive in, then!
#1 Introduce a New Product or Service
Innovation is a powerful way to get back on a growth track. When your core offering is no longer driving growth, a new offering can help you attract new customers and enter new markets.
You do not have to guess what to create. Look at what your customers are asking for that you’re not providing yet. Instead of guessing what customers want, collect feedback through surveys, reviews, and direct conversations. This can reveal where current products may be falling short. It can also show where there is a chance for improvement.
The LEGO company is an excellent example of this. After a growth plateau, LEGO’s attempt to be everything to everyone with hundreds of new pieces was costly and scattered.
Its breakthrough, however, came when it refocused on its core strength—its unique building system that encourages creativity—to build new products like LEGO Architecture.
Don’t just launch and rest easy. Market it; run email and text campaigns to reach existing customers. These campaigns can be highly personalized and affordable. You can also use social media marketing to reach a wider audience.
#2 Bring in the Right People
You cannot grow your business without growing your people. The right people in the right roles can accelerate your growth journey. On the other hand, the wrong people can set you back an entire year and be an expensive lesson.
Look beyond potential candidates’ skills, education, and work history, so you can find people who fit the company’s culture. If revenue has slowed, consider widening your talent search beyond borders. Hiring internationally can help you tap into top talent at a fraction of the cost.
Say, you’re looking to hire a senior software engineer. According to Remote, hiring a senior software engineer in the U.S. costs over $143,000 annually, while in India, it’s under $11,000. That’s a huge difference for the same caliber of work.
Hiring internationally has historically been complex, as it involves various challenges such as navigating different employment laws and tax obligations.
But not anymore. Global payroll management platforms make handling international salaries seamless. These tools ensure you stay compliant with local laws while paying employees on time. That makes it easier than ever to tap into global talent and keep momentum strong.
#3 Consider an Acquisition Strategy
Sometimes, the fastest way to get moving again is to buy another business. This approach is called a merger and acquisition. A recent analysis of the world’s 2,000 largest public companies found that a programmatic approach to mergers and acquisitions is highly effective.
Companies that consistently made a few small-to-midsize deals each year saw a 2.3% higher return for shareholders over 10 years. In fact, this approach created more value than all other strategies, while organic growth eroded it.
Acquiring another company can provide major benefits beyond just increasing revenue.
One of the most significant is the ability to acquire new talent. The strategy of buying a company specifically for its people is known as an acqui-hire. You get skilled employees without the time and stress of the normal hiring process.
An acquisition can also bring you an instant new customer base. Buying a business that is already in a new city, for example, gives you immediate access to its customers.
Acquisitions aren’t something you dive into without careful thought. Look for businesses that complement what you already do rather than compete directly.
Ready to Turn that Flatline into an Upward Curve?
Hitting a business growth plateau can feel discouraging, but it doesn’t have to be permanent. These four strategies can help a business regain momentum.
Keep in mind that a growth plateau is an opportunity to learn and grow. Use this time to reassess, innovate, and take bold steps toward your next growth phase. That is because the best chapters of your business story are still ahead.