Revive your business…
Scenario: Your business was flowing and profit was coming in as planned and you kept muttering to yourself ‘Thank God for the business start-ups’, you felt on top of the world and the feeling of an entrepreneur lives in you… But for a while.
Then gradually, the business starts declining and within the twinkle of an eye, all that meant treasures is fast-becoming nothing. What’s left is to revive your business.
Ever wondered where you’ve gone wrong?
Perhaps, you did, but nothing seems to be your answer.
Are you now doubting your reasons for going into the business in the first place? Is the enthusiasm fast disappearing?
Panic not, businesses often decline at some point. You only need to answer the following questions and Gbam! you are on track once again–revive your business.
– Why did you start the business?
Did you venture into the business because of money? Or because you want to be independent? Money and independence are things that will eventually set in.
If your reason was money, you’d get easily distracted and disappointed, especially when the profit is not flowing as expected.
Rather than make that your sole reason, why not think of passion, the information you want to disseminate, wants and needs you want to meet and your physical and mental ability to manage the business in times of fall.
– How fast do you embrace change?
Change is something an entrepreneur MUST at all times be wary of. Are you the type that doesn’t bother about current trends? Because you feel your business has a very good foundation.
A wannabe successful entrepreneur should be oblivious to change and of course, take swift advantage of the change to boost up his business.
– How often do you consider your business competitors?
Competitions are bound to happen. In fact, it is one of the things that weighs your success in the business world. Have you ever sat down to analyze what your competitors do that you don’t?
You don’t have to make use of the exact strategy they are using, but take advantage of the one thing they are turning their eyes off on. Nothing has an advantage without a disadvantage. See the disadvantage as your own advantage.
– Do you still consult the successful ones in business?
Consulting the experts is one important thing you have to do constantly. It has to be a consistent practice for knowledge about your business cannot be written off.
You have to update yourself about the knowledge of the business. Warren Buffet said, “Risk comes from not knowing what you are doing.” You don’t want to make that mistake of not being knowledgeable again.
– Are your employees still trustworthy and reliable like they used to be?
A Yoruba adage says ‘Bi iku ile ko ba pani, t’ode ko le payan’ which literally means, ‘if death does not come from an internal source, the external source has no effect’.
Are the people you work with still as enthusiastic as they were when the business started? Are they treating the business like it’s theirs?
You need to constantly check the morale of your employees for any change which can hinder the growth of the business. Be assured none of your plans is being leaked out from your employees. A timely audit should be done to see where mistakes lies and improve on them.
If you can answer these questions easily and sincerely and improve on the necessary aspect(s), then you are on the verge to revive your failing business.