6 Reasons to Take Your Business Back to The Drawing Board

Anyone can create a business plan with the best of intentions and dreams of long-term success. Many will go several steps further, creating realistic projections based on in-depth research and analysis. But if there’s one thing the coronavirus crisis has showed business owners, it’s that things can change. Drastically.

The plans you made even a few months ago may no longer be fit for purpose. Some predictions could now be unrealistic, while opportunities may have arisen elsewhere. Here are six reasons to take your business back to the drawing board.     

Emphasise what’s working

Without ongoing measurement and regular reviews, it’s impossible to know which of your efforts are working. Identifying where you’ve had success will allow you to divert additional focus and resources to this tactic and drive further growth.

You may have found that one demographic has responded to a new product far more than any other, for example. Can you tweak your advertising placement to appeal to them even more?      

Eliminate what’s not

At the same time, evaluating past performance will help you spot where you can reduce wasted effort and budget. If you’re investing heavily in digital marketing, for example, you could find that your efforts on one social media platform are far less effective than another.

Alternatively, you may find that too much time is being spent on internal meetings. Are there processes you can implement to increase efficiency?  

Identify where you need support

As part of this process, you’re likely to come across areas of your business in need of extra support or investment. Could a senior hire help guide and develop your young, raw talent? Would moving to a new location increase footfall or create a better impression on potential clients?

Applying for business funding with an alternative provider like Nucleus Commercial Finance could give you the boost you need to reach your objectives quicker.   

Engage your employees

Ultimately a business is nothing with its people – and taking time out to reflect on where you are giving your team an opportunity to be heard. Do they feel your aims and values match the way they’re asked to do their jobs? And do they have any ideas you haven’t thought of?  

Demonstrating that you are listening to their concerns or suggestions and acting on them could give them the motivation they need to stick around and keep pushing forward.   

A lot can change in an industry as technology and modern life progresses. Just look at how delivery and digital services for example are booming during the pandemic – and there’s a good chance they’ll stick around once normality returns.

Ultimately consumer’s habits evolve with time. You may find that displaying your environmental credentials wins new hearts and minds, for example.

Match or outdo your competitors

As you analyze the market you should notice how your competitors are behaving, such as new services they introduce or revamped marketing messaging. It’s often said that there’s no such thing as an original idea – so take inspiration from those around you and aim to build on it.  

Keeping an eye on the competition will help your business stay one step ahead.

Is it about time you revaluated your business plan? Don’t see it as an admission of failure – take it as an opportunity to improve.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan