You have been in business for quite awhile and feel that everything is smooth sailing, all is going well, but your profit isn’t showing this. On paper, your business seems to be gradually slowing down. Taking a closer look, you realize that one of several things is creating a concern within your business. Focusing on the real problem and a solution that will benefit your business in the shortest amount of time will keep you
Your product is slowly becoming outdated.
Whether you provide products or services, the times we live in insist that we quickly sell our present items and then move on to the newer and more improved. Few businesses in our present economy can afford to continue to offer the same thing indefinitely. This is where you look to innovation. How can you update or tweak your product or service so it comes across as something new, somewhat different and very much needed? How can you hold your customers interest by providing something they feel they can’t do without?
Insisting on doing what you love.
Enthusiasm and passion for what you do is fine but if it doesn’t sell, then it’s time to realize that what you are presently doing may be something best left as a hobby. Your interests might not necessarily be something that translates well into a viable business. Put aside your desires for a few minutes and make a list of your real skills, those that you know you could use if you were looking for employment. Start concentrating on these and you may still be able to move your business forward with a little support from a professional virtual team.
Juggling too many balls at once.
If things seem to be getting out of control, if you are disorganized, can’t find anything and are afraid it’s going to affect your business, this is also the time to call in outside help. What may look like a business slowdown can actually be a growth spurt in disguise – a business which is moving in too many directions at once. Disorganization can lead to loss in business and knowing when to call for help is a sign of a mature business owner with a maturing business.
Don’t let your business arrive at a crisis point due to your inability or refusal to accept what is. Many business owners have been there before you and finding a mentor is always a good idea. Going it alone may seem like an adventure when you first start out but as time goes on, the excitement of doing it all by yourself and the stress of handling all problems alone, quickly wears off. Figure out which resources you need, apply them to your business and realize that the way forward doesn’t have to be a repeat of your past steps.
© Chris Draper, DemGen Inc. 2013
Image courtesy of Amanda Brazel
