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TOTW 25: Don't ignore Change - make the most of it!

Tip of the Week #25

Hi everyone,

 

Another week is upon us, and it will likely bring with it some element of change that we need to factor into our plans or actions.

 

Changes can come in the form of internal or external events or ideas that might affect the way the business operates. You might respond to a change factor by updating a work process, building a new product, entering a new market or shifting your internal culture. Here are three tips for recognising when a change is significant enough to warrant action on your part.


1. If your business growth slows:  Look at your sales funnel, are you still creating a flow of prospects and enquiries for your service.  If not, look at what is working and what isn’t, then fix it.  

2. Smaller competitors are outperforming your business:  None of us operate in a vacuum and new competitors will always enter the market, but you need to keep an eye on what they are doing and check if your differentiator (the thing that sets you aside from them) is still valid. Then consider if you are making the most of that in your marketing activity. 

3. Your productivity starts to dwindle:  If you are spreading yourself too thinly then your productivity will dip.  This is the time to focus, check that your goals are still valid and make sure you are doing the things that matter.  (Will it make the boat go faster?)


If your business is signalling the need for change, don’t ignore it.  First assess the issue and look at all the options (A SWOT analysis is great for this). Don’t react too quickly as knee-jerk reactions can cause more problems than they solve. 

 

Consider what you will do and set a measure of success (how will you be able to tell if it is working).  Give any new solution or process time to take effect.  A good rule of thumb is the 90-day rule.  It takes 90 days of consistent action to show up in your bank account.

 

And don’t forget that the Micro Business Growth Club can help you navigate and get the most from change.


Join the Micro Business Growth Club

Become a member of the Micro Business Growth Club and get access to the full range of business support services and specialist advice for under £50 per month.






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