Have you ever hit a growth plateau in your business, only to find that your initial success becomes a stumbling block rather than a stepping stone? You’re not alone. Many entrepreneurs face what’s known as the “expert plateau,” where complacency halts progress and innovation. In this episode of The Small Business Show, we explore how businesses can overcome this challenge and continue to evolve with Diana Kander, bestselling author and keynote speaker on innovation and sales.
Key Takeaways
1. The expert plateau occurs when initial success leads to complacency, stifling growth and innovation. This can happen when entrepreneurs become too comfortable after achieving success, reducing their motivation to seek new opportunities or ideas.
2. Kodak’s failure to innovate with its digital camera technology is a prominent example of the risks associated with sticking too closely to a successful formula, leading to obsolescence. The company’s reluctance to disrupt its profitable film business ultimately resulted in missed growth opportunities and decline.
3. To avoid the expert plateau, it is essential to continually assess and challenge business performance. Entrepreneurs can use self-evaluation, such as rating their performance on a scale of 1 to 10, to identify areas for improvement and seek ways to push beyond their current capabilities.
4. Additionally, even if customer feedback is overwhelmingly positive, it should be used as a baseline to push for further innovation. Your customers are the lifeblood of your business, and engaging them in conversations about elevating offerings and uncovering blind spots can lead to valuable insights and improvements. Their feedback is not just a tool for improvement but a testament to their importance in your business’s success.
5. According to Kander, “continuous improvement is crucial in preventing the expert plateau.” Regularly soliciting feedback from both customers and employees can help identify areas of potential growth and areas needing improvement. But it’s not just about identifying these areas; it’s about what you do with this information. It’s important to embrace a mindset of constant learning and adaptation, use this feedback to drive change and innovation, prevent stagnation, and continue thriving in business.
"Instead of saying, how am I doing? Am I doing pretty good? Isn't business awesome? Instead, I ask myself, on a scale of 1 to 10, how good am I doing compared to what I'm capable of doing?" – Diana Kander
