🚀 The Plateau Problem


Hi Reader,

Building your business should be an act of continuous improvement.

That’s probably intuitive enough – with every action, you learn more, and you do better every time.

But, it’s not just about smoother, more efficient operations or navigating your learning curve.

It’s also because, at some point, what you’re doing won’t be enough.

At some point, you’ll level out, only gaining something marginal from your output. You might still be generating sales and turning a profit, but additional growth might not come easily.

Eventually, if you find yourself on such a plateau, you need to shake things up in order to grow – to thoughtfully disrupt your own status quo.

It’s not you. This is just a normal phase of the business lifecycle.

Knowing it’s coming gives you an edge – because you can pause and prepare for it.

So, as you plan for the year ahead, what are you doing to create the upswing for yourself and your business?

Take a moment to pause & reflect.

  • What new initiatives or projects or innovations might need to be on your radar for the future?
  • How might you plan for these things now?

Actions, experiments, & things to try next.

Brainstorm new initiatives. What do you hope the business looks like in 1 year? 3 years? 10 years? And, what gets you there? What’s it going to take? What will you need to start, stop, or continue?

By the way, substitute the word "business" for "life" and the same truth applies. 🤓

Until next time,

Michael

Michael Schefman | 321 Liftoff

Copyright © 2024 by 321 Liftoff LLC

Michel Schefman, 321 Liftoff

Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.

Read more from Michel Schefman, 321 Liftoff

Hi Reader, We’ve all seen the flashy promises: “Follow these five steps and watch your business skyrocket!” or “My secret formula will make you rich overnight!” Here’s the truth: sustainable success isn’t built on shortcuts. It’s built on staying alert, making smart decisions, and doing the work. That doesn’t mean opportunities aren’t out there – they are! But the key is to approach them with discernment – the ability to judge well and distinguish between what’s worth pursuing and what isn’t....

Hi Reader, Michael Porter – the godfather of business strategy said: “the essence of strategy is choosing what not to do.” He’s saying that you need to do a few things really well and outsource the rest. You don’t want to overextend yourself. You need to stay focused. But, it’s deeper than that. He’s also talking about building a strategic, competitive advantage over other players in your field. What are those things that you’re known for – that only you can do? For example, if you make great...

Hi Reader, I recently re-listened to an episode of How I Built This with Guy Raz from last year. In this episode, Guy sits down with organizational psychologist, Adam Grant. This quote from Adam struck a chord: "The [entrepreneurs] who managed to have repeat success and bounce back—and forward—from failure are the ones who invest their egos in their future growth as opposed to their present comfort." It’s easy to protect your ego by retreating when you experience setbacks. But real growth...