5 Ways To Get Your Business Back On Track
By JD Esajian on December 9, 2016
Almost every business goes through a lull at some point. Even the most successful businesses have periods or down times of stagnant growth. It is what you do during these times that often define your business. If you accept that things will never get any better they probably won’t. However by making minor tweaks to your mindset or how you run your business things can quickly turn around. Getting your business back on track can be as easy as making a new contact or getting a new offer accepted. Sometimes all you need is just a spark to completely change your fortunes. Here are five ways to get your business back on track.
- Look At What Worked. There are many things that can cause a business to get off track. When things are going well there is a natural temptation to experiment with new opportunities that come your way. What typically happens is that you become spread too thin and forget what made you successful in the first place. When you are stuck in a rut you should revert back to your bread and butter. Think about what types of marketing or lead generation produced deals. Think about which networking groups yielded the most connections and the neighborhoods where you had greatest success. When you over-experiment with new ideas or concepts in your business you lose focus on what you do best. It is like the football team that runs the ball well and tries to get too cute and pass all over the place. They lose their identity and ultimately become less successful. Reverting to what has worked in the past doesn’t mean you can’t keep an open mind but it should help you refocus and get back on track.
- Dig In And Work Harder. There should be no question that hard work is one of the keys to success. When things aren’t going your way you need to dig in and work harder than you have in the past. It is easy to get discouraged and sulk when there are bumps in the road. However now is not the time to feel sorry for yourself. It is now when you need to work harder and smarter than what you have been doing. You should make daily to-do lists before you go to bed so you can wake up and hit the ground running. You should look to refine your systems and policies to make your day as efficient as possible. Make it a point to meet five new people every day and talk to at least two dozen. The best way to get out of a rut is by working your way out of it. If you can’t turn things around you never want a lack of work ethic to be what brings you down.
- Adapt To Your Market. There is a fine line in any business between keeping an eye on the past while taking a look at the future. While you need to think about what has worked in the past you can’t be married to it. In any business it is important that you quickly adapt to your market conditions and surroundings. When things change in business you need to be able to change right along with it. One of the reasons you may be in a rut is because you are unwilling or too stubborn to change. Something that may have worked a few months ago in a different market may not work with where you are currently investing. This doesn’t mean you can’t have an investing niche but you need to recognize that there are other options available. The sooner that you accept this and are open to possible changes in your business the easier it will be to move your business forward.
- Don’t Reach For Deals. When things aren’t going your way you never want to make your situation worse. Getting back on track doesn’t mean going after every new deal that presents itself. In reality the opposite may in fact be the case. Now more than ever you need to pick and choose your deals more carefully. Instead of reaching for a speculative deal you need to go after deals where the numbers make the most sense. Even if the profit isn’t as great you will get back on track and keep the business wheel turning. The alternative is getting caught up in a deal where you need everything to break right just to squeeze out a small profit. If things don’t go your way you run the risk of actually losing money on a deal and making your situation worse. There is risk with every deal but when you are in a rut it is more important to weigh risk and reward.
- Stay Active. As we mentioned getting back on track can be as easy as meeting an important new contact or talking to a prospective seller. If you do not put yourself in these situations you will never know what could happen. When your business is stuck in neutral you need to keep active on social media and with your networking. You should make a point of it to meet as many people as you can. Talking to someone can provide a contact of someone who may be looking to sell or possibly even work together. It may give you a fresh perspective of the business or an idea on a different approach. Now is not the time to sulk and crawl into a shell. Now is the time to get out there and keep active in your market.
Things often change in business on a dime. Sometimes you need to make your own breaks and take a proactive approach. Getting your business back on track shouldn’t be a problem if you have the right frame of mind and know how to approach it.