- How to asses credit risk of customers
- How to do internal audit
- How to cut costs in the office
- How to do a better Google search
- How to maintain work-life balance
Is it the Right Time Make a Change?
The most important step is to decide whether it’s the right time for a change. You’ve run your business for more than half a decade and then you’ve hit a plateau. You don’t find the work challenging any more and feel a strong desire to try something different. There are several factors that can motivate a small business towards re-invention. One of them maybe that you are getting no time to spend with your family. Or the market trends may have changed. Your old product is no longer in vogue. Your customers may have shifted loyalties to some place newer, better. All these are good reasons to go for a change. But be practical at all times . Consider the risk that change involves. Take stock of your financial situation before you take the step.
Make sure you decide what you want
If change is what you have decided on, then think hard about what kind of change you are looking for. Is it a small tweak or huge overhaul, the decision is yours as to what’s best for your brand and your business growth management. Consider what your core competencies are and stick with what you know to best. Focus on just one idea. Think backward to arrive at the decision. Do you want to reduce the office hours and have more private time? Are you tired of selling the same old product and want to do something more interesting ? Once you have clarity on your goal, it will automatically guide you.
Make a Business Plan and Follow it
Nothing works out well without a business plan. You are a business owner so you should know better. You need to start from scratch, as it were and think in detail about the finances, the target audience, the competition and how to beat them Your plan needs to stand up to scrutiny on all counts.
You cannot abandon your former business abruptly. You need to phase it out slowly and ramp up the new business. You may have to run two businesses simultaneously for some time. Prepare a detailed exit strategy. Give yourself, your employees, your vendors, your customers and above all your family , intimation of the coming changes, what will happen and what it will mean for them. Be transparent through the entire transition.
It can be an overwhelming process and rough, but reinventing your business, if you decide its the right thing for you, can be exciting and a challenge. Have a business growth management plan. Don’t make mistakes, work out the upside and downside risks and keep everyone in the know how. Your brilliant idea for the changeover may be the best thing that happened to you.
Image courtesy of [patrisyu] / FreeDigitalPhotos.net