Leverage That Inevitable S-Curve with 5 Steps For Every Entrepreneur – Ep 15
Resources From The Episode
As an entrepreneur, what is your gut response when growth seems to stop?
The “S curve” is a common business concept, graphing the progress of your company over time. It includes rises, as well as the plateaus and even dips in revenue that often follow.
If that last part sounds super scary, that’s because it can be! The good news is, it’s a totally normal and expected part of business, and, of course, I have your back! When you find yourself in the gut-clenching downward slope—you’ve grown, all your pedal-to-the-metal, nose-to-the-grindstone thousands of hours have paid off in spades, and suddenly nothing you do seems to move the needle—dive into these five steps.
Step 1: Gather the data
I mean all the data.
Talk to your bookkeeper or roll up your sleeves and dig in. Find the most detailed, granular numbers you can. Lay out where your money comes from and where it goes. Look at team costs, expenses, revenue streams, and so on.
Step 2: Ask powerful questions
Ok, you’ve got your data. Now—what is it telling you?
Think back to the goals that prompted your business. Line each expense up against these goals and ask it to explain itself. Think about everything you’re spending money on and consider: is this ROI-generative?
Step 3: Forecast it out
So, you got the numbers, and you investigated their potential. Now, run projections. Where are you at, and how much longer can you last if nothing changes? This will show you how long you have to make the big changes.
Step 4: Explore your beliefs around money
Oh hey, don’t I have a whole podcast episode on this?!
In almost every case, cash flow isn’t the root of your S-curve panic. The knots in your stomach usually stem from your beliefs around money.
Yep, you guessed it; it’s time for some deep introspection to shake those out because what you believe about the S curve will dictate how you navigate it.
Step 5: Consider what’s possible
Finally, you’re ready to step outside your comfort zone (if you weren’t there already, with all that money stuff) and think about the next steps. How can you innovate? How can your team or your business coach help you turn this slump into a jump?
This might mean thinking about profit instead of revenue (I have an episode on that, too!). It definitely means becoming adaptable and figuring out how you can leverage the S curve. Because, my friend, it is going to keep coming back! It’s just the nature of business!
If all this resonates with you, make sure you listen to this episode of the Rich Life Revolution podcast. I go into way more detail on each of these steps to spark some big thinking about navigating the less profitable moments in your business. They’re just part of the natural trajectory, so let’s use them to our advantage!