What do you do when your business is not growing as expected? Do you just complain to every ear available to listen? Or do you throw your hands up in the air and say, “life is not fair”? Or do you dive deeper to uncover why and then re-strategize?
True and smart entrepreneurs do the latter. Why? They understand that success in business and ultimately in life is more of a marathon than a sprint. They also understand that success is not something that is permanent. They are cognizant of the fact the rent for success is paid daily. Therefore, no successful person should rest on their oars and if you are yet to have a taste of success, the right thing to do is to keep pushing in the right direction.
If you have a business that’s not growing as you expect, here are the five (5) things you should review so that you can re-strategize and move forward.[Great Read: 10 Tools and Resources to Help You Run Your Business Smoothly]
1. Review the Market Dynamics
Life is dynamic and because business is a part of life, you can expect business to be dynamic as well. That’s why as a smart entrepreneur, you must constantly be in sync with what’s going on in the marketplace. Consumers’ needs evolve and changes from time to time.
New products, new trends, and new desires are all part of the reason for these changes. That’s why when your business is not growing like you expect, you must review what’s going on in the marketplace. Always find the time to review consumer behavior, the economy and the trends.
The failure to do this will result in you being sidelined or worse still, left behind. Reviewing the market dynamics help you to stay ahead of the curve so you can infuse new ideas into your business and more importantly serve your customers the way they way to be served.
2. Review Your Offering
One thing that a lot of entrepreneurs fail to realize is, what worked when they started their business will not work forever. Information changes and therefore what worked yesterday might be highly irrelevant today. In other to stay ahead, you need to start thinking of not only what you offer your customers but how you offer them. Think of your offering as food and your customers as your guests. If you keep serving your guests the same thing the same way for years and years, they might get bored and go somewhere else.
Customers love excitement, innovation and energy and if you do not want your business growth to stall, you must embrace these things. Reviewing your offering simply means examine your current products and offering and determine if there are other ways to present the same thing or if there are other complimentary items you can offer.
Innovation can be in the form of an improved product or an improved inventory, management and payment system or even an exceptional experience. Do not say, “I only sell one thing, there’s nothing to innovate or improve”. There are always many things to improve if only you’d allow your imaginations to flow.[Great Read: How to Properly Position Your Business and Attract Your Ideal Customers]
3. Review Your Modus Operandi
Is there something within your operations that is preventing your business growth? Is it your logistics, marketing, pricing, customer service or even delivery? This is why it’s important that you find ways to always ask for feedback from your customers.
The feedback from your customers are worth more than gold and you should value and appreciate those who take the time to provide you with such. When you receive feedback from your customers, do not take it personal. Instead, treat it as an opportunity to serve them better.
4. Review Your Top Three Competitors
As a smart entrepreneur, one of your job description is to be an investigative entrepreneurs. There’s no way you can win in business without studying your competitors and understanding why they attract customers. Knowing this detail will not only help you to develop a sound strategy but it will also help you to attract customers. One area you should pay attention to when studying your competition is what they are not doing right but are important to customers. Your job is then to find ways to do that thing right.
When consumers observe that there’s something unique about the way you run your business that matters to them, they will take notice. Business success is about finding the sweet spot between customer needs and your offering. Your competitors can give you lots of insights on how to find that sweet spot. Remember, the goal is to win in an area of strength so always keep that in perspective when you make decisions about how to move your business forward.[Great Read: Pricing Strategies for Retail and Serviced-Based Businesses]
5. Review Your Business Model
After all is said and done, the last thing to review is your business model. Your business model is your business’s GPS and it’s a living document – meaning that it’s not a document you should allow to gather dust. A lot of entrepreneurs develop their business model at the start of their business (while many even shun it in its entirety) and forget all about it until trouble starts and the business begins to sink.
Business success is all about strategy – sound strategy for that matter. It does not come on a platter of gold. It comes as a result of constant refining – it requires you to be on the offence. It needs you to bring your A-game all-day every day.
Sometimes, you might try your best to troubleshoot and find solutions and still you get nothing. What then should you do? If you believe your industry is profitable and you have the target market, but you still find it hard to get their attention using the different strategies you’ve put in place, it’s time to seek for help. Do not allow your ego to prevent you from seeking for help from those who can truly help you and your business return to the path of success. Do not be afraid to pay others to review your strategy and your operations.If you believe in your business, you’ll be willing to give it all it takes to make it work.
Also, remember that no strategy works all by itself. The fact that you have a sound strategy on paper does not mean that the strategy will automatically come to be. Every strategy still needs the human touch. It requires you to work and implement the ideas. It requires your time, energy and sweat. If you can commit to doing the necessary things, not only will you see your business booming again, you’ll also have sustained growth that you’ll be proud of.
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P.S. You do not have to walk your business journey alone. Sometimes, all you need is a hand holding you and letting you know that everything will be alright. If you are a young woman entrepreneur, here’s a special invitation to join our business mentoring platform where we share exclusive tools, resources and training to help you succeed in business and prosper in life. Learn more about it HERE and if you believe it’s for you, get on the wait list here and one of our team members will be in touch with you shortly.