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Business Mid-Life Crisis? Revisit and recharge

Wednesday, September 12, 2012   By Mike Reddy

 

The mid-life crisis - people have them - and businesses do too. Small businesses often suffer from a stagnant work environment, but employing simple strategies can force your business out of the rut.

Avoid the business mid-life crisis - revitalise by going back to the basics.

In the beginning, it was all about passion. A key ingredient to the success of a small business start-up, that passion may find itself dwindling through the years.

That fire-is it still burning? Ask yourself - are you still passionate about your business? If not, work backwards and try to rekindle that passion.

Revisit your original business plan. Are you accomplishing the longer-term goals? Where do you see weaknesses? Develop an action plan to target those weaker areas.

Tweak your strategies and adapt where necessary. Ensure you keep your core values and company mission intact.

Map out your vision for the upcoming few years. Limit yourself to two or three-year periods to remain specific, streamlined, and most importantly, focused.

Remember that attitude and communication are important contributors to a healthy working environment. Invest time to improve employee morale and client relationships.

The basic principles of aesthetics and visual communication may be longing for revitalisation. Consider your business’ ‘look’ from logo to web-presence- how are you presenting your business to the outside world?

Re-establish your target markets- if your niches have evolved, evolve with them.

Going back to the basics means taking time to identify what is working- an honest assessment of what works will give you a more realistic outline when reviewing your vision.

Reach out to some of your oldest and most loyal customers. Try to find fresh, positive energy and motivation in relationships that have been part of your business since its fledgling days.

The foundations of a successful business are rooted in the basics. A refresher course in Business 101 may be just the thing your struggling sales numbers need to bounce back.

The foundations are built from excellent products, sales, customer service and employee engagement. Strong financial performance is the ultimate result.

We can help.


Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.