Is your business stuck in a rut? Does it seem like competition, changing trends, government regulations or economic downturn is digging that rut even deeper?
If so, don’t sit around waiting for things to change, and don’t resign yourself to lower sales and profits. Instead, take the time to analyze your business and look for ways to solve your current problems.
Now, I know you think you’ve already done that. But without realizing it, most of us fall victim to two dangerous maladies when we look at our own businesses: shortsightedness and inertia. We think about and do what’s familiar and what has always worked. We may dismiss ideas others suggest as unworkable without trying them or seriously considering them. After all, it’s easier and safer to do what we think works than try something different.
That kind of thinking, in a nutshell, is what creates the ruts that trap small businesses. To climb out of the rut, you have to look at your business with different eyes. Ask yourself and your team questions like these:
“How is this industry or type of business changing?”
“Will our current customers still need our products or services in a few years?”
“Do all of our clients know about all the products or services we sell?”
“Do we suggest additional purchases to existing customers?”
“Are there ways to market that we aren’t doing now?”
“Are there things we don’t sell now that would sell to our existing customers?”
“What are our competitors doing that we’re not doing?”
“If we sell to consumers, could we sell the same or similar products or services to businesses?”
“Could we increase prices?”
“Could we increase business if we purchased some specific piece of equipment, applied for certification, or made some other change?”
Don’t answer the above questions with a quick “Yes” or “No.” Be specific. Name products and services. Make estimates for sales. Put numbers to your estimates. Then act on the changes that could make the most impact on your business.
Source: Janet Attard, Business Know-How
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