You’ve been a business owner for a while now. You’ve got a system down, and things appear to be going relatively smoothly. However, something keeps gnawing at the back of your mind. Something seems to be missing when it comes to your business routine. While it may be the caused by the normal misgivings and ups and downs that any business owner experiences, it never hurts to take some time to evaluate the situation at hand. Here are four signs that your business might be due for a change.
Growth has slowed to a crawl… again
As a business owner, you know that there will be slow times and times of significant growth. Some weeks you are so busy that your head is spinning while other times the days seem to crawl. However, if you start noticing more slow days than hectic days on a regular basis, your business plan may be due for an overhaul. Take some time to reevaluate what you want to accomplish, and what would be the best way to go about it. Take a look at your competition; see what you think they are doing right, and what could be improved in their system. Remember, don’t be afraid of new ideas — just because you’ve always done something a certain way doesn’t mean there may not be a better alternative.
Company morale is lower than you expect
Like it or not, your employees are the lifeblood of your business. If their morale is not positive, that will most likely translate into poor business success. Talk with your workers, and really listen to what they have to say. If they seem less than enthusiastic about working for your company, don’t dismiss their complaints or misgivings lightly. Consider the reasons. Could the once-vibrant, friendly company have lost its way? It’s a good possibility. Luckily, your employees may be able to offer you advice on how to make the most of the changes that may be happening.
Customers aren’t returning
The amount of customers you have will always ebb and flow during your company’s lifetime. That’s just the nature of the business. You won’t ever have 100 percent customer retention — although that would be a nice goal to strive for. However, if you find your customer retention is lagging behind your most conservative projections by a serious amount, a serious revamp of the company may be in order. Are you offering something that the public is interested in buying? Is your customer service lacking in some way? Is your grasp of technology where it should be?
Your services or products have changed
Chances are your business has changed or expanded over time. There is absolutely nothing wrong with expanding your business as you need to in order to satisfy the customer’s needs. However, if you see your services or products going in a completely different direction than you originally envisioned, it may be time to re-evaluate your business plans.