Bounce Back like a Boss: How to Reset after Hitting a Plateau

You did it! You followed your dream of becoming a Beauty Boss. Business was booming, sales were through the roof, but now you’ve reached a plateau. Whether you’ve been in business for 10 months or 10 years, you will likely hit a plateau at some point. Plateaus can be presented in many forms, from sluggish sales to inability to respond to the ever-changing market. Here are 5 reasons that your growth may have stagnated and a few tips to help you reboot your business!

1. Out with the Old, In with the New: Revamp your Business Plan

Before you started your company, you composed a business plan which summarized your company’s goals and explained each step that you’d take to achieve them. However, the market, your industry, your target consumers, and technology can change tremendously in a short amount of time. You will have a tough time adapting to change if your business plan is outdated. Revise your business plan to account for the challenges that your business is currently in today. This will allow you to refocus and get back on track.

2. Be Ready For Your More: Meet Increased Demand

Rapid growth is what every business owner desires, but they seldom consider the issues that accompany accelerated growth. If your business is centered on selling a tangible product, make sure that your logistical infrastructure can endure an increase in capacity. Reach out to your current manufacturer to see if they will be able to meet your business needs as demand rises. If they cannot, you may want to consider outsourcing as a cost-effective solution to speedy expansion.

3. Mean Green: Improper Pricing

When faced with stalled sales, companies tend to reduce prices in an attempt to attract customers and entice them into making a purchase. The issue with decreasing prices is that you will appeal to price-sensitive customers. These customers will flock to your business when prices are lowered, but they will disappear the second that they find a cheaper alternative to your product. Rather than reducing prices, add value to your product or service which will appeal to customers who don’t mind spending money, making your company more lucrative.
Rather than reducing prices, add value to your product or service which will appeal to customers… Tweet This

4. The More, the Merrier: Consider Crowdsourcing

If lack of funds is preventing you from revitalizing your business, consider crowdsourcing as a non-traditional method of gaining capital. Crowdsourcing is a phenomenal alternative to applying for loans because you don’t have to pay the money back and it’s also easier than finding new investors. People have used sites like Kickstarter and GoFundMe to raise money to finance their businesses. (Crowdsourcing is also a great way to gain brand recognition and expand your consumer base). Use this extra money to invest in new technology tools or implement a new marketing campaign to attract new customers.

5. Say “No” to the Status Quo: Don’t Blend In

Many companies out there offer similar products and services. The stiff competition causes some business owners to play it safe in an effort to maintain their current following, rather than taking risks to draw in new consumers. Find what sets your business apart! Launch a service that your competitors don’t provide. You can even consider hosting an event or webinar. This will allow you to interact with your customers, hear their thoughts, and increase their enthusiasm about your product. For more tips on events and webinars, check out our Resource Page. 
The stiff competition causes some business owners to play it safe in an effort to maintain their… Tweet This

Okay Beauty Bosses, we’ve shared our tips for bouncing back. It’s time for you to share your business tips in the comments section below!