Ever felt that your business was not taking the desired direction and you were constantly taking a step forward and two back?
Such feelings are not uncommon, especially when trying to take stock and evaluate your performance at the end of the year. It is frustrating and disappointing and may lead to lack of passion and enthusiasm for business.
The first step of getting out of such as situation and turning around your business is to isolate what works and what does not work. The fact that you have been surviving this far is a proof that there are some things you are doing right.
It is possible most of your activities do not add value to your business; some of your products or even employees are actually a liability and continue to suck your profit.
If you do not have a good working plan, it is possible to seem busy the whole day, but when you look at what you have done objectively, you wonder whether you could not have done it in just a few hours.
Being ever busy is not a prerequisite for entrepreneurial success. In most cases it is a result of poor time management or lack or prioritisation.
Success in business, like in any other venture in life, does not depend on how many hours you work or how many tasks or products you have in the market.
It depends on how and where you spend your time. It is how well you manage your time and other resources that determine how much you take home at the end of the day.
One weakness in most firms is the use of several strategies in business and poor follow-up to find out which ones work and which ones do not.
Take for example marketing—one of the most important determiner of success or failure of a business. It is important to do an objective analysis in order to know which medium works and which does not.
For instance if you use print and electronic media advertising, online adverting, door to door, word of mouth or freebies , how do you know their effectiveness?
Without knowing which one works. It is by knowing which one works and focusing on it and leaving the rest that can increase your profit exponentially.
As we move towards the end of the year, look back at where your bread is buttered most. Look at activities that have given you highest returns, more pleasure and happiness and focus on them.
If you desire to have different results next year, you must plan now to do things different. If you are in doubt as what to do, engage a competent business coach.
This article was first published in The Business Daily on November 6, 2017