It’s a wonderful thing to live in an age where a woman can juggle parenthood along with running a business full time. As challenging as it can be (and often is), the rewards speak for themselves. You get to be there for your kids when they really need you. You get the joy of knowing that you’re working for yourself and not a profit-driven. corporate giant. You also get to watch your business grow along with your kids. Running a business is a lot like parenting in that, despite your best efforts, sometimes your business will start to go off course. As in the world of parenting, success lies in spotting the telltale signs and putting appropriate strategies in place.
We can become extremely prideful both of our businesses and our kids. We put so much of our heart and soul into raising them that we don’t want to admit that we’re at fault. It’s only by admitting our mistakes and learning from them that we forge a path to success. In both cases, the consequences of staying a bad course can be dire. Here are some signs to indicate that you might need to change your business strategy…
Your new product isn’t selling as well as you’d hoped
No new product hits the markets without a long and exhaustive process of market research. Yet, despite all of this, sometimes the market research just doesn’t match the reality. Sometimes a product doesn’t resonate with your target market the way you expected. Rather than throwing money into promoting it, first invest in more research to ensure that the product is worth the extra promotion, or if it needs to be tweaked, or re-branded slightly.
You haven’t spoken to any new customers lately
As important as it is to maintain excellent relations with your existing customers, you should still dedicate time and resources to sourcing new customers and clients or re-engaging with those that have lapsed. If you haven’t spoken to a new or lapsed customer for a month, something needs to change. There are many ways to do this. You can invest in a Pay Per Click advertising campaign to grow your reach within targeted parameters.
You may also need to give your online presence an overhaul. Check out www.nboljor.se for an idea of how you can use your website to appeal to your customers. E-commerce may be a great start, but you should also regularly post quality content that keeps customers aware of developments in your industry and how they pertain to your company. This will boost your search engine visibility and generate value for new customers.
You have a high employee turnover
Employees come and go. It’s perfectly natural. While some industries tend to have higher employee turnover rates than others, it can be a red flag if they only stick around for a few months.If you find yourself constantly playing musical chairs with staff, you may need to have an open and honest discussion with your team about what more you can do to retain them.