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The Now, The New & The Next in Careers

Strategies to Get Unstuck If You've Hit a Plateau or Your Business Has Taken over Your Life

01 Apr 2010 8:44 PM | Anonymous

By Laura Ege

One recurring theme I hear from entrepreneurs...either: “I've hit a plateau in terms of dollars earned/hours worked,” or... “My business has totally taken over my life.” I guess the good news is either scenario means you're at least reasonably successful. The bad news is neither is a fun place to be! If this describes you and your business, here are three quick strategies I suggest addressing to help you get unstuck:

--Business Model. In either of these scenarios, I can just about guarantee you've outgrown your current business model. At minimum, it's time to restructure your current service packages. If it's been a while since you've reviewed your business model, it may even be time to revamp your entire business using a new model. Bonus note: I recommend revisiting your business model at least once a year (or even twice a year) to make sure it still supports your business and financial goals.

--Pricing. If you're maxed out on hours available to work, raising your prices is an obvious strategy. Typically, you'll wind up working with fewer clients (which translates to fewer hours if you are using a 1:1 service delivery model) while enjoying greater levels of financial return.

--Team. There are several possible ways to leverage this strategy. I highly recommend hiring support staff (whether virtual or in-person) to take over everything you don't enjoy so you can focus on your "sweet spot" in your business. This frees up additional hours to deliver your services if you've hit an income/time plateau, and it also eliminates a significant level of stress if your business has taken over your life. Another way to leverage this strategy is to start working with subcontractors, joint venture partners, or affiliates. Again... greater capacity to impact your clients while lowering your personal time and energy commitment.

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