I have been reviewing my business plan and model to see if I needed to change it for the second half of the financial year. I feel that this has been a long time coming due to certain results in business actions that I took and therefore; I decided to sit down and see how
I have been reviewing my business plan and model to see if I needed to change it for the second half of the financial year. I feel that this has been a long time coming due to certain results in business actions that I took and therefore; I decided to sit down and see how to make necessary changes.
I’m sure as a start-up entrepreneur or even if you are a seasoned entrepreneur, you’ve made certain changes in your business model over time. This happens especially if you realize that you’re not getting desired results in your business or for other reasons. Today I want to share three signs that show you need to change your business model for the better.
1. Your sales have reduced drastically
If you realize that your sales has reduced a lot and you’re still doing the same things you’ve been doing in your business then you have to change your business model. You may be trying very hard to market to the same customers and you still don’t get higher sales; if anything, they continue dropping. This is a very big sign that you need to change the direction of your business (like big flashing red light kind of sign ^_^). If you can’t sell, then your business can’t survive. Find a way to change your business for the better.
2. Your market industry has changed
Customers sometimes change their preferences and tastes; what used to be a trending product or service stops being popular. As an entrepreneur, you have to continually observe these trends in your industry and your business may have to adjust as they change. As a start-up entrepreneur, you may notice these changes late and that may affect your business. Start-up entrepreneurs have to learn to keep their ear to the ground when market trends shift or change so as not to get left out and start losing out in sales. This means you have to keep getting feedback from your customers, keep reading about your industry and any new changes or trends. Always stay informed and keep in touch with your customers by taking surveys and ensuring they are satisfied; as well as improving your products or services to suite their ever-changing needs.
3. You, as an entrepreneur, have changed
As an individual sometimes changes can occur in your life that change you in different ways. This can happen due to certain situations, environments or even changes within you as a person. These changes can affect you in a positive or a negative way. If you’re a start-up entrepreneur; if these changes affect you negatively, it can affect your start-up business negatively. This can manifest in different ways such as neglecting your employees or customers; which would result in lower productivity and sales. It’s best if you feel that you’ve changed as an entrepreneur; make the changes work for you in a positive way – even if it means changing your business model. This is especially necessary if your priorities have changed and they don’t go hand in hand with what your business is doing.
If you are experiencing any of the signs above or even all of them (yup, this can all happen at the same time ^_^), make sure you sit down and have a serious review of your current business model/plan and see what you have to change. Make changes that are necessary and positive to you and your business in the long run.
Have you ever had to change your business model as an entrepreneur? How did it go? Please feel free to share below.
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This piece first appeared here.