It’s no business owners intention when they start out that it will turn into “just another job”, right?! But somehow, for a lot of clients I’ve worked with (and potentially you?) that’s what has happened.
Without realising it, the huge demands of running your business every day have eaten away at your ability to run it like a living, breathing investment.
Does this ring any alarm bells for you?
How can you tell whether your business has turned into ‘just another job?’
Here are 10 indicators:
1. There’s no plan or growth strategy anymore
2. You’ve stopped introducing regular changes to your product offering
3. Your methods of promotion haven’t changed in years
4. You’ve made no updates to your website in some time
5. You’ve stopped asking your customers for their feedback
6. Competition has increased and surged past you
7. You’re struggling to maintain turnover
8. You’re exhausted and your energy levels for your business have severely dropped
9. You’ve got no-one helping you on the management side of the business
10. You feel like none of the staff are on your side anymore – they’ve got a poor attitude and very questionable loyalty to you
If you’ve answered YES to 5 or more of these indicators, your business has become a “place to go to work” rather than a growing source of returns and increasing saleable value. If your cash flow position has also reached a precarious or unstable point, it’s now a dangerous situation for you.
I’ve seen this situation many times and in hindsight, many owners who reached that point ended up out of business soon afterwards.
So is it possible to turn the situation around?
The answer will depend hugely on your working capital position, whether you have sufficient motivation to re-invigorate your business, and whether you have access to critical additional working capital.
I have experience helping many businesses like yours turn it around. Together we can create innovating new strategies and implement small but continual improvements via a customised Action Plan to get you back to where you want to be.Download free 5 step action plan