Is Your Business Growing or Dying?

The only thing we can count on is change.  That’s more than just a statement to be thrown around.  It’s a fact.  Life is happening.  There is no in between.  There is no “same.”  There is only movement,  The choice we get to make is are we creating or are we dying.

You’re Business is Dying When:

• You haven’t changed anything in at least 3 years. What is your web site like?  Is your logo the same it’s been since 1999?  What about your customers?  Are you adding new customers to your business at the same rate as you did 5 years ago?  Take a look at your products and services?  In what ways have you improved them?  Have you changed packaging, pricing or promotion?  If the answer to many of these is “no”, chances are that aspect of your business is dying.  Think of it like making french fries in the same oil every day for a week.  YUM.
• You’re hiring people in your industry with experience that don’t need training. If you really want to grow and create something exciting that will bring customers to you, shake it up by bringing in the skills and talents you desire from a different industry.  There’s nothing like a fresh set of eyes and experience to add new perspective and new features and benefits to your offer.
• You are raising prices to pass on cost without adjusting value. In manufacturing we used to have this practice called the “annual price increase.”  I never did understand the need to indiscriminately raise prices every year without taking a good look at what you are offering and the value that this offer has to customers.  This is a trap and a sure fire way to start losing customers because “your price is too high.”  If that’s the reason – then there is a disconnect between what you offer and what your customer values.
• You’ve lost your story and your spark. Most new businesses are abuzz with excitement for what they offer.  But after a few years, it becomes routine and the excitement is gone.  Maybe the markets or industries have changed and made your business more of a hassle.  Either way, if you sense your story getting a little stale, it’s time to revitalize.

How to Grow and Create:

• Re-vision and create something big. When you’re in a rut, it’s time to create something you can get excited about.  If you’re not excited, you’re thinking too small.  Thinking small will drive you toward creating small and then you’re right back where you were.  Create a new vision, a new mission and a new story that everyone can get excited about.
• Get cozy with your favorite customers. Since most of your profits are coming from your ideal and favorite customers, go nuts and get to know them even better.  I just heard about a writer who wrote a book about dying neighborhoods and decided to have sleepovers at his neighbors to get to know them better.  Do something unexpected that builds loyal relationships and fosters new ideas.
• Decide to have fun making money. I don’t know why so many business owners think that their business is a drudgery.  What would having fun at work look like?  Chances are, your employees will be happier and your customers will want to work with you because you are fun.

What are your ideas about bringing life back into your business?