A business dry spell is normally caused by being complacent and not following consistent business practises. When things are going well, we generally take our eye off the ball. We have all done this at some point in our careers. The important thing is to learn from it and ensure you never make the same mistake again.
More often than not, business is about being disciplined and doing the simple things right all the time. If say, for example, you do certain marketing on a weekly basis, it is important that you review the key performance indicators on a weekly basis. Continue doing the same marketing until your figures tell you to change something. There may be seasonal variations to this, but generally your plan and key performance indicators will be decision drivers. Do a daily/weekly checklist of things to review and then act so you do not forget or say to yourself, ‘It’s ok, I’ll do it later…’
In some circumstances things may have dried up, but through no fault of your own. If that is the case, it is important to not overreact but monitor the figures more regularly. If it goes downhill for too long then make sure you take action.
Ensure that you also look at the bigger picture. For example, if you are looking at four different marketing channels and only one has dried up, try to establish why this has happened. Speak to others who also do the same marketing in a comparable market. At the end of the day, it’s about getting as much information as possible so you can make an informed decision.
Having built and sold my SME, I now work with SMEs. I understand their model by embedding myself in the senior management team so I feel the heartbeat of the business. All areas are covered, but the four questions that we work on solving are: How do I grow my business?, How do I achieve client excellence?, How do I make more profit?, and Does my business model deliver?
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