Sometimes we can be so caught up in working hard that we don’t see a problem or issue approaching and we can suddenly find ourselves in a tricky spot and not even understand how or why we got there.
Hard work will only pay off if you are smart and keep an eye on all aspects of your business. Here is a handy guide on what to check if you are experiencing a slow-down and can’t quite put your finger on why?
Analyze Where Your Sales Are Coming From (& Where They Aren’t)
If you have a business where there are various revenue streams then it’s important to check which of these are the problem areas, you need to know who your customer is. This can go quite a way to beginning to solve this issue as if the downturn is in one area only then you can concentrate your efforts on it and decide to adjust that sector or even decide to abandon it.
Do A Thorough Competitor Analysis
It’s important every so often to be finding out what your competitors are up to as this can show you what is going on in your industry. If you find that one or other of the competition has come up with a new product or service or are even just doing things differently you can then adjust your strategy to accurately compete.
Is Your Website Performing As It Should be?
Sometimes your website may not be performing as well as it used to, there could have been Google updates that have impacted an SEO strategy that was bearing fruit but is no longer doing so, Local SEO Audits are a good idea, this is a thorough evaluation of how your SEO is working, or not, and can take into account the overall picture including Social Media, paid or advertising and develop a strategy to improve any issues.
Have You Been Following Your Business Plan?
Each year you should have been following a business plan and it’s important to regularly check if your financial projections are being met? If they are not, then have you made any changes recently or have you been implementing all the strategies as envisioned at the time of writing the plan. There may have been sales strategies and revenue streams you identified but have not gotten round to implementing yet? Make sure you have not wasted all the planning time in writing a strategy that you have not even tried to adopt yet.
Are Your Employees Wasting Time (Or Worse)
Have a close look at how well your workforce is performing? Are your staff meeting all of their targets and if not, why not? Are there are any new staff who are struggling to get up to speed, and, if so, is this something that will rectify itself once they are properly trained. If not then you need to asses how you can make sure the staff are given the motivation or training they need to improve performance. The last thing to check is if anyone is has been stealing or otherwise using company resources up.
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