We love being our own boss. So much that small businesses and “solopreneurs” have become a major uprising trend. With advancements in technology, the potential to reach customers all over the world is huge. Now, as we near the end of the first quarter, instead of having a sense of pride, we’re starting to panic. There has been little to no growth and the dream is starting to fade. With all this being said, it may be time to refocus your small business.
Create a new roadmap
The first way to refocus your small business is to create an updated plan. Perhaps when you first started, you didn’t have all of the knowledge that you have now. More than likely, you also didn’t have the same customer base either. As times change, so will your plans. You will need to create new focuses for each year, as well as each quarter.
Start by addressing critical issues
Does your company need help with its social media? Is there an overabundance of inventory? Locate and address the critical issues that are preventing your business from growing. Make a list and go step-by-step to optimize potential earnings.
Some areas to think about are:
• Advertising and Marketing
• Product Quality
• Product Demand
• Customer Satisfaction
Refocus your small business by setting goals
In order to keep your company going, what do you need to obtain? Refocus your small business by setting both long-term and short-term goals. For example, if maintaining a profit means your business must do $10,000 in sales, keep this goal in mind and make every action supportive of reaching it. If the action will negatively impact this goal, then it should not be done.
Keep close track of your finances
Your small business will not grow if it’s not earning money. Keep an accurate account of the business cash flow and make cuts if necessary. Also, evaluate your pricing to make sure your business is competitive.
Remember why you started in the first place
You, as the owner, need to be the driving source of passion within your company. If you wake up and are no longer excited about working, it is definitely time to refocus your small business. Take a moment to look at your original business plan, along with your company’s mission statement. Does it mean the same to you as it did when you first started? Reflect, with the people your business originally intended to help in mind, then proceed from there.
It may be time to refocus your small business but that does not have to be a scary thing. Using tips such as resetting goals, tracking finances, and remembering your reasons for starting are all ways to reshape and prosper. At Achieva, we understand that every business is unique. Together, we look forward to watching your business grow.