Every successful businessperson has experienced a period of business depression. This is typically characterised by the feeling you’re spinning your wheels and not going anywhere. It can often make you question whether you’re really the right person for this project. Some people give up and others turn it all around.
If you want to fit into the latter group, follow these five tips for turning your struggling business around.
1. Create a Client Comparison List
A client comparison list consists of every client on a list, along with how much they pay you and how long it takes you to complete their projects (on average). This can seem like a pointless exercise, but in the end it always springs up something new. Create a client comparison list and see whether all your clients are worth your time.
Got a client who isn’t paying enough or is taking up way too much of your time? Sling them away and open up your schedule.
2. The Concept of Enjoyment
Enjoyment is such an essential part of running a business.
Now you should rank your projects based on the level of enjoyment you personally get. If you’re not enjoying your work, you’re wasting your time. One of the biggest causes of business depression is an inability to enjoy one’s work.
Of course, you have to balance this out against how much each project pays. Try to figure out a way to keep the projects you enjoy whilst making enough money. Don’t make the mistake of focusing just on the money; otherwise, you’re crippling your creativity.
3. Reevaluate Your Goals
When you’re in business, it’s easy to lose sight of your goals. You can get into a situation where you’re aiming for money whilst losing sight of your goals. Without a clear aim, how are you going to expand and push towards achieving your ambitions?
Look back at your aims and compare them with the work you’re doing now. Have you taken on work and projects that are leading you into a dead end?
4. Dead Weight
Businesses need to become as streamlined as possible; otherwise, they’re dragging themselves down. This can come in the form of clients, as we’ve touched upon above, or it can boil down to a monetary issue. Review your financial records and see what you’re spending money on. If you discover any dead weight, and this can include employees, cut it away.
It may offer a short cash injection or it may resolve the long-term options that brought you to this point initially.
5. Ask the Audience
Sometimes you think you know the right direction and what people want. At this point, you may feel like you have no need to ask your audience about anything. This is especially true for businesses that have achieved some measure of success in the past.
Ask your audience by getting in touch with your email list and social media audiences. Just ask them what they think about a product, your company, and the way you treat them. You may find this a fantastic way to find out about what you’re doing from an outsider’s point of view.
Not a Quick Fix
These 24-hour fixes will help you to see where you need to go. What they won’t do is solve every problem immediately. A complete turnaround of a business can take weeks and months to succeed. The most difficult part of the process is taking those first steps to action. Once you can push past your prejudices and admit something is wrong and something needs to change, the tide will start to turn.