A while back, a CBS Corporate Business Solutions consultant advised a printing business that needed to change direction. Our consultant took the owner through a learning process so she could move her business forward. It can be difficult to say when your business needs to change course. Keep in mind that no business stays the same, ever. So even if you don’t like it, as markets fluctuate, your business may need to take a turn for the better. Here are several glaring signs that your business immediately needs to change course:
Slow Growth: It’s fine if the growth numbers for your company are not always inching upwards. Most companies go through periods of slow growth. However, the company should be able to overcome these slow growth periods. Compare your growth trajectory to that of your competitors. It should not be perpetually facing downwards. If slow growth is a prolonged issue at your company, then it’s time to reevaluate your goals and adapt a new strategy.
Challenges from Smaller Competitors: If the smaller competitors your business may have ignored in the past are looking like actual threats, then that should set off warning alarms. A smaller company can surpass yours if growth is severely lagging. It should be an indicator that your business is losing its competitive edge and should change course immediately to thrive in the future.
Low Customer Satisfaction Numbers: Nothing is more indicative of a need to change than low customer satisfaction numbers. While negative reviews, complaints, and low ratings are to be expected, the majority of the feedback your company receives must primarily be positive. Your company should continuously receive a lot of customer feedback. If feedback is declining, or is increasingly becoming negative, then it indicates an even worse fate: insignificance of your brand.
If your business faces any of the above problems, then it’s time to change course. Suddenly changing the trajectory of a business is not easy. It requires a solid plan. But first, you should seek advice from a CBS-CBS.com consultant to identify the underlying issues that are causing growth or sales problems at your business. After careful scrutiny, the consultant will be able to present you with a proposal for changing course and becoming competitive again.