How to Break Your Business out of a Slump
December 30th, 2005 (Business Management)
Are you self employed and working hard to become a success but no matter what you seem to do lately your business is sliding in a downward slump? Are your profits dwindling every week? Does it seem like you employees are just not motivated enough to do what it takes to produce more results?
All business owners, whether large or small, have been in this “rut” at one time or another. It is the nature of the beast; highs and lows, loss and profits. And at some point, even after you have implemented a system and it is working great, you are going to find your “system” and your business right back in the middle of another slump.
Below is a simple formula that can enable you to break the routine of highs and lows in your business. It is also my personal favorite set of goals that enables me to pick myself up and come back stronger within my own business whenever I fall into a temporary rut.
1. The first thing you need to do is change your focus. Acknowledge that your sales have dropped off a bit and then stop dwelling on it! Get right into analyzing everything about your business – the advertising, marketing, promotion, sales, etc. Make a record of what worked in the past and what you are doing or not doing at the current moment.
2. If you are blaming anyone outside of yourself for your business pitfalls, then stop it! When business is not going as well as we would like, we have a tendency to blame it on someone, or something. Blame will not fix the problem.
3. Ask yourself what can be done. This will fix the problem! In every situation there is always something that can be done and the sooner that you get to it, the better. Get out your pen and paper and start brainstorming on a “possibility list”.
4. Set up new targets. Take the best ideas that you come up with, or that your brainstorming group comes up with, and set them as new targets. Remember that taking risks and driving towards your goals is what got you your own business to begin with. Get back to those roots.
5. Make new commitments and take Action! You now have a precise set of targets. Get to work by taking them seriously and moving forward with your plan of action. Write your goals on paper and read them every day.