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How to create dynamic growth when you’ve reached a ‘profit plateau’

Written by Karen Dunne-Squire on Friday, 25 June 2021. Posted in Growth, Finance

Many business owners and leaders dream of creating a business that grows steadily and organically with manageable increasing revenues, controlled overheads and sustained profit margins.

How to create dynamic growth when you’ve reached a ‘profit plateau’

Many business owners and leaders dream of creating a business that grows steadily and organically with manageable increasing revenues, controlled overheads and sustained profit margins.

However, in over 25 years in business, I’ve rarely seen a company achieving this without merger or acquisition.  If you are not inspired by this route, you need a new idea to generate dynamic growth.

Choosing to be dynamic about your approach may be the thing that propels your business to a transformational level of growth. But where do you start?

Customer Journey 

The first place to look is in the detail of the customer sales process. A well planned and diverse customer journey that is implemented effectively internally will absolutely maximise the conversion rate and revenue generation.  

Action:  Take time to interrogate the experience that your customer has when working with you.  What stages do they move through? Is the way that you interact with your clients diverse and well defined?  Do they have a consistently high quality experience?  If your customer journey is not smooth and effective you will be losing money. 

Customer Communication 

Whether it’s the business cards you handout, the software used to generate proposals, or the quality of the customer calls that your sales team are making, a strong communication system embraces multiple channels and creates high quality guidelines around how these channels should be used.

Action: Evaluate your customer communications.  Review all your communications and check their impact and quality. Create clear communications guidelines and ensure your entire team is implementing them. 

People Management 

Management is not simply about the leadership that your team receives. It is about the practises that your business embraces to drive the right outcomes.  In powerful businesses, every resource is lined up behind the customer journey ensuring it can be delivered to the highest possible standards.  

Action: Look at each team member. Are they where they can best perform and let their skills shine? Do they need additional training? Are you helping them be the best they can be? Are they aligned with the business vision?

Any business that wants to grow and move past a profit plateau, needs to be dynamic. And being dynamic means taking control of the destiny of your business.

About the Author

Karen Dunne-Squire

Karen Dunne-Squire

Karen Dunne-Squire is founder of Elation Experts, which is on a mission to empower SME’s by giving them the knowledge and skills to increase revenue, build powerful sales opportunities and create committed, loyal teams that are motivated to drive change.

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