What direction is your business heading? Is your business going in the right direction? Your answer to this question will hopefully be a resounding “yes” if you are hitting all of the objectives that you laid out at the beginning of your business journey.
On the other hand, your answer might be “no.” If profits are down and your company isn’t growing as fast as you had hoped, your business might be going nowhere. In the worst-case scenario, it might even be going in the wrong direction towards those dreaded two words – business failure. Check out these tips on rejuvenating your business if that is the case for you.
Of course, it might also be the case that your business doesn’t have a direction. If you haven’t set out business objectives or you have long forgotten them, you will struggle to measure your performance. If this is the case, now is the time to set a business direction.
In this regard, you should:
- Assess your current situation, including the state of your finances, the size of your business, and the happiness (or otherwise) of your employees and customers.
- Set in place a strategy for where you want to be. Do you want to increase your profits? Do you want to reach new customers? Do you want to expand into new territories? When you have an end goal, you will have something to work towards.
- Set a time frame for completing your objectives. You might not meet your goals in this time frame but if you don’t set a scheduled completion date, you will have less incentive to pursue your goals.
Setting a business direction isn’t something you should do alone unless you’re the sole owner of a small business. If you have a board of directors and/or a business partner, you should work with them to set and execute a strategic plan. You might also want to get some of your employees aboard, especially those that are in a leadership position.
Signs That Your Business Is Going In The Right Direction
If you have already set firm objectives for your business, you should already know if your business is going in the right direction or not. But if you’re unsure, these are just a few of the signs that your business is moving forwards instead of backwards.
#1: Your profit margin is high
A high-profit margin is indicative of a high volume of sales and an increase in customers. As such, you are likely reaching your financial goals if you are making a lot of profit in your business. This isn’t to say you have reached the end game – the exact amount of money that you expect to be making – but provided you aren’t making considerable losses, you are clearly going in the right direction towards meeting your financial objectives.
#2: Your business is well-known
If you receive a steady influx of customers and if your competitors know who you are, then you are clearly moving ahead in the market. A common objective set by most business owners is to be well-known, so if people are familiar with you, this would indicate you are moving in the right direction.
You have probably marketed your business successfully to reach this point but you shouldn’t rest on your laurels. If you are well-known, your business rivals will be doing all they can to topple you, so stay on top of your A-game and make every effort to push your business forwards to ensure your competitors don’t catch up with you.
#3: People want to work for you
Nobody wants to work for a failing business. People would have no job security if they applied for vacancies or approached company bosses of a business that was showing no signs of success.
But if you get a lot of interest in your job vacancies, or if your competitor’s employees regularly approach you for employment opportunities, then they obviously see the potential of your company. This is another indicator that you are moving forwards. Well done!
#4: Your customers are happy
One of your primary objectives must be to fulfil the needs of your customers. These ‘needs’ are dependent on the type of industry you are in but regardless, if you can evidence the happiness of your customers, then you must be doing something right.
Evidence can include feedback from surveys that you have sent out to your customers. It can also come from reviews that have been left on business review sites or from correspondence that has been sent to you from customers that have been blown away by your products or services.
If sales are high, this is another indicator that your customers are happy, as they may have spread good word about your business to their friends, family members, and social media networks.
How To Push Your Business In The Right Direction
Hopefully, you have recognised the signs that your business is going in the right direction. But if you haven’t spotted these signs, don’t be too disheartened. Running a business is tough – as you will likely know already – but provided you have objectives to aim for, there are things you can do to move your business forward.
#1: Work with the people around you
We’re pretty sure you want to move your business forward but what about the people who work with you? Have you shared your business strategies with your company directors? Do your employees know which objectives you are aiming for? If they don’t know which direction your company should be going in or if they aren’t taking steps to promote the success of your business, then you will find it harder to push your business forward.
Share your vision with the people that matter and listen to their feedback. It might be that you’re the stumbling block to your business moving forward and if this is the case, advice from your board, employees, and other relevant business personnel could be invaluable.
On the other hand, there could be weaknesses within your board or employees that are stopping your business from moving forward, so organise a board review and assess the performance of your employees to assess whether they should be doing more to support your company.
#2: Consider new ways to market your business
Do you need to find new ways to market your business? Wouldn’t it be easier to market your business in the same ways that you have been doing already? Well, this depends. If your business isn’t moving forward, it might be that your marketing efforts aren’t working, so now might be the time to change the way you market your business. This doesn’t mean you have to use new marketing channels (although you might have to) but you might need to tweak your current marketing efforts to see better results.
So, consider your options. If there is a marketing channel that you haven’t tried, there is no harm in testing the waters to see how it works for you. When it comes to your existing marketing, follow these tips on measuring marketing effectiveness, and if you realise you need to make a few changes, then do so.
If you don’t improve the way you market your business, you might never see your company grow. This is because you’ll struggle to reach your target demographic and you won’t benefit from the profits that are a consequence of selling to more people.
#3: Keep up with your competitors
Who are your competitors? It’s important to find out as they are the people who will take your existing and potential customers and steal away your chances of success. So, do a Google search, discover who these people are, and find out what they are doing.
If you realize they are doing something better than you, now is the time to step up your game and surpass their efforts. You might need to improve your website, for example, so that it not only looks better than your competitors but ranks higher on search engines too. You might need to make a few changes to your product or service too, perhaps with a focus on better quality and value for money so your target demographic chooses what you are selling over your rivals.
As we alluded to earlier, you shouldn’t stop improving after you have surpassed your competitors. They will constantly be trying to outmatch you, so when you do take the lead in the market, continue to keep an eye on what they are doing so you can stay one step ahead.
#4: Reach out to your customers
If your business isn’t moving forward, you have to ask the question why. The answer to this question could come from anybody linked to your business but more often than not, it will lie with your customers. These could be people who currently buy from you or people who used your business once and never returned.
Get in touch with your customers via phone, email, or social media, and ask for their feedback. They might have valuable information that could change the way you do business, so listen to what they have to say and take the appropriate next steps.
Conclusion
Your business will only move forward if you’re proactive. So, consider the steps we have suggested in this article and do whatever it takes to improve, shape, and grow your business. It will take a lot of work but when you start to see the benefits of your labour, you’ll be glad that you put in the effort.
Additional articles you may be interested in:
- Top 10 Proactive Ways to Empower Your Employees as a Business Owner
- 6 Effective Ways To Give Your Employees a Productive Boost
- 5 Ways To Prevent Employee Theft In Your Business
- 10 Quick Tips for Improving the New Employee Onboarding Process
- 10 Ways To Motivate Work-From-Home Employees
- How To Be A Boss Your Employees Look Up To
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