We all have heard the definition of insanity: “Doing the same thing over and over again and expecting to achieve new results.” Yet, many of us don’t realize that while we are working harder and longer to achieve better results for our business, we are acting a bit ‘insane’ by continuing with the same strategy that we had a few years ago in a completely different economic climate, therefore achieving the same or lesser results.
This past week we completed a Stop, Start and Continue (strategy review) with a new client and their employees and learned that while the business has recently struggled, most of their operating procedures, sales practices and business strategies have not changed over the past two years. Unfortunately, conversion ratios from prospect to client have declined, the competition has become increasingly more visible, and margins have tightened. Therefore, the revenue for the business has decreased month-over month for the past year, forcing the business owner to consider shutting their doors. All of this surfaced through six hours of strategy review with the business owner and key employees. As a result of the strategic discussion and further market review, we were able to identify a new opportunity for the business and establish a revised strategy: a clear “Stop, Start and Continue” for priority next steps for new business direction.
I think we can all agree that the economic climate has changed. The real questions is “Have we changed how we do business to stay current or ahead of the economic times?” If you are struggling to achieve your business goals we suggest you engage a Business Consultant to take you and/or your team through a Strategic Business Review. This is a cost effective way to evaluate your business strategies and to establish new clear direction that can drive positive momentum to your bottom line.