I often get SOS messages from business owners reaching out for help. More often than not, they have reached a point in their business where they feel stuck or they just know that things are not going as well as it should.
Some people recognize their challenges quicker than others and I shared some examples in this article on ‘Mind-set makeover and business growth‘. Some others seem to have ‘higher pain threshold’ and get used to running a business that desperately needs help but they have gotten used to the way things are.
Insanity has been defined as ‘doing the same thing over and over again and expecting a different result’. If your business is going around in cycles without making much progress, then your business might need a makeover.
I will like to share some tips to consider to find out if your business needs a makeover:
Decrease in Passion
When you started your business, I am sure it was an exciting time. The feeling is usually a mixture of anticipation and dread. You are excited about the prospects of the business and sometimes you might be anxious because you don’t know how things will turn out. That season of passion drives you to do all you can to make the business work.
This passion can, however, be affected by a series of events like the recent economic meltdown that have led to disappointments. If you find yourself in this situation and you are experiencing a decrease in passion, then your business needs a makeover. You might need to re-invent yourself so that you can re-ignite the passion.
Decline in revenues of popular products or services
Most businesses have few products or services that bring in the major revenues, this is known as the business ‘cash cow’.
If your business has started to experience a decline in revenues from such products or services, then it might be time to step back and think about it.
Have you changed the quality or increased the price? Or is there a recent trend that has triggered the decline like new substitutes or new policies? Did a new competitor spring up with a similar and more attractive offering? The bottom line is, this is a sign that your business needs a makeover.
Being Overwhelmed and resultant inefficiency
As a business owner, you find yourself juggling many balls, especially at the early stages of your business. This can seem like an exciting process, until the balls begin to drop.
If you have begun to experience an increased amount of inefficiency that is affecting your overall service delivery process, then your business is showing signs of structural defects and it might be time for a makeover to create the right systems and structures or even to hire the right support staff.
Low Return on Investment of time& effort
ROI (Return on investment) is more than a buzz word in business. It is an important factor to measure how much you are getting in return for your investment in time, money or other intangible resources.
Most smart business owners aim for high return on their investments, which is the proverbial work like an ant, but eat like an elephant. Unfortunately the reverse is the case for a lot of small business owners who struggle to even break even.
If your business is consistently giving you low return on your investment, then there might be a problem with your current business model and you might need a makeover.
It is always advisable to nip a problem when it is still at the early stages than to allow it to become full blown. If you are beginning to suspect that your business needs a makeover, I elaborate more in this video.
The good news is I have developed a free 5 day business makeover course to guide you to up-level your business. Click THIS LINK to sign up for the course.