Does your business need reinvigorating? Our enthusiasm for business inevitably ebbs and flows, so we sometimes need to reignite it. Here are some suggestions for how.
Understand your business lifecycle
It’s part of the natural cycle for enthusiasm to come and go, and for business success to rise and fall. Understanding the patterns can help see them and take action where needed so business stays on course.
When people start a new business they usually have clear financial goals. They work hard to juggle cash flow, make a profit and repay their debts.
Eventually the hard work pays off. You’ve got regular customers, stronger cash flow and money in the bank. This means you can enjoy rewards, like a holiday, some luxury spending or home improvements.
But there can be a downside to success. We can become complacent, start to take more time off and watch the finances a little less carefully. There’s plenty to keep us occupied, but perhaps the energy and enthusiasm isn’t quite as it was before?
Then service levels slide and sales follow downwards. Soon we find profit isn’t as healthy and cash is a bit tight. Work becomes a little less enjoyable for everyone.
You don’t need to stay in that dip! Once you’ve noticed it, it’s often simply a matter of setting new goals and getting back into action.
Check your energy levels
Reflecting on the last few weeks or months, consider these questions.
- Are you excited and looking forward to the year ahead, or feeling a little jaded?
- Are sales and profits strong or could they be better?
- Is customer service first class, or has it slipped?
- Are you doing marketing and selling activities needed to grow the business, or have you been relying on past success?
- Are you bringing a positive approach to work, or allowing your attitude to be affected by negative thinking around you?
Set your goals
Reinvigorating your business doesn’t need to be complicated or time consuming. You can start right away by doing four things:
- Remind yourself of what you have accomplished in the last 6 months, and what you are in business to achieve.
- Set a goal for the next 6 months. Do this by answering the question “In 6 months time, what do we want to say about the business and what we’ve accomplished over that time?”
- Decide what actions you will we take to reach the goal
- Implement the actions and track your progress.
Set a sales target
One of the best ways to create energy is to identify a sales target and write it up on a board. It’s amazing how simply writing a goal helps our brains to focus on it and we start to think: “How can we achieve that?”
Ask your team to come up with ideas and together work out how you’ll implement them, and track your results over the days and weeks ahead. Be sure to acknowledge your progress as you go!
If your business needs reinvigorating, why not set some time aside this week to take a look at where you’d like to get to in the next 6 months, and how you’ll get there.
Please share your thoughts and comments below.