Sometimes you can get distracted by the day-to-day slog of having your own business and forget about the little things that make it what it is. That’s why it’s so important to take a step back every once in a while, and examine both the wood and the trees from a place of passivity. Assess what you can be doing differently and more efficiently and give your business the facelift it needs.
Of course, it can be difficult to understand exactly when is the right time to get the gel nail polish out and give your business a metaphorical manicure. So, here are a few of the warning signs you might want to look out for if you’re not sure when is the right time to take action.
The world has moved on
Businesses evolve over time, and that’s a good thing. If they didn’t, then very little would ever get accomplished. But sometimes, evolution is not enough. Sometimes, you need to pull down the foundations, salt the earth and start again. If the service or products you’re offering are no longer relevant due to changing market demands, then you might need to have a very fundamental rethink.
You don’t have a niche
Fulling a niche that no one else does will really help you stand out from the crowd. Nobody wants to be a jack-of-all-trades in such a crowded market. So, think about what it is that you could bring to the table that nobody else can or will and focus all of your energy and resources on it.
The name doesn’t sit right
A business name is incredibly important and sets the tone for your entire brand. Of course, if you’ve built up a major brand, then it’s often illogical to change your name, but if you’re a relatively new business and your name doesn’t seem to be cutting the mustard, don’t be afraid to change it. Try being more specific and use your name to outline exactly what it is your company does because nobody appreciates a confusing name.
Your surroundings are boring you
If you’ve been occupying the same studio or office space for a while, then it could be time for a physical facelift as well. Have a look at similar spaces in the local area or consider changing the style of location completely. You might even want to downscale your physical operations and give employees the opportunity to work from home. That does seem to be the way the working world is turning, after all.
Revenues have fallen
Ok, we’ve just come through a global pandemic, so revenues are probably not going to be looking that strong right now. But if you noticed a decline even before the pandemic, then maybe something isn’t working, and you need to start figuring out exactly what that is.