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“Surviving a failure gives you more self–confidence. Failures are great learning tools… but they must be kept to a minimum.” – Jeffrey Immelt
If you have your own business, chances are you consider its continuing viability from time to time. Things like competitors, fluctuating markets, and the general state of the economy all affect your ability to do business and do it profitably. However, it’s important to keep tabs on internal indicators that your business may need help. Here are 12 signs to help you assess whether your business needs a reality check.
1. You cannot easily express your company’s vision
Write one sentence that explains what you do. If you can’t easily and clearly articulate what your company does and its vision, how can you expect potential customers to understand your business?
“Without a vision, a business is like a ship without a rudder and is in danger of drifting aimlessly.” - John Walters, 121 Business Consulting
2. Your income doesn’t exceed your expenses
This one may be obvious, but roughly half the small businesses that fail do so because of a lack of profitability. If you’re dipping into your own personal resources to sustain your business, can’t pay your bills on time, have an excess of business debt, or even just one particular aspect of your business is a financial drain, it’s time for a serious reevaluation of your business goals and practices.
3. You can’t keep up with project and client needs
This may seem like a good thing--you have so much business that you can’t keep up with it! The reality is that having too much business can be as problematic as too little business if you don’t have a system in place for dealing with it. Why? The inability to please current customers may result in their leaving your business for greener pastures. Compound this problem by trying to please new customers, and your business will suffer as a result.
4. You routinely fail to deliver on time
Being unable to deliver on time is similar to number 3. If you fail to meet a deadline for a client, you breed mistrust and dissatisfaction, which ultimately will negatively impact your reputation and stymie business you might have earned from referrals.
5. You spend little or no time marketing your business
If you’re waiting for the customers to find you, you’ll likely be waiting a long time. Without devoting the appropriate amount of time and resources to making people aware of your business, you’re on the track to being out of business.
6. You don’t solicit customer feedback
Are your customers satisfied with your work? If you don’t know the answer to this question definitively, you are missing out on an opportunity to improve your business and gain referrals.
“Your most unhappy customers are your greatest source of learning.” – Bill Gates
7. You don’t have new customers
New customers are the lifeblood of a thriving business. If you are not regularly acquiring new customers through your referrals, marketing endeavors, and other means, you will miss out on vital opportunities for infusing your company with the business it needs to thrive.
8. Your website hasn’t been updated recently
Your website is often your business’ chance to make a first impression on a potential customer. Do you remember the last time you updated your website? If you don’t, it’s likely been awhile. If your website was created circa 2005 and hasn’t been updated since, you might as well advertise that your business is outmoded.
9. You are overly diversified
Do you offer your customers too many services? If you find that you’re routinely behind on certain aspects of what you offer to customers, maybe it’s time to reduce your products or services in favor of focusing on what is particularly profitable or what you are particularly good at.
10. You don’t outsource tasks
One surefire way to get burned out when running your own business is to try to be a jack-of-all-trades and handle every aspect of your business. This includes taxes, updating your website, social media, creating branding and marketing materials, accounting, personnel management, building maintenance, IT, customer support, and more. In the end, it’s easier and usually cost-effective to outsource these tasks to experts.
11. You no longer enjoy what you are doing
This doesn’t necessarily mean that you have to enjoy every aspect of running your business all the time, but if you’ve stopped deriving even a modicum of joy from your business, maybe it’s time to reevaluate your business (and personal) goals. Clients know when you are passionate about your work and when you are phoning it in.
“People don’t buy what you do, they buy why you do it.” – Simon Sinek
12. You have never gotten outside insight into your business
Have you ever had an outside resource evaluate your business? If not, you are missing a valuable resource that you can utilize to improve your services, increase revenues, and gain more clients.
If your pharmaceutical company needs a reality check, Brian Bamberger can help. He has decades of high-level pharmaceutical experience, ready-made business development solutions, and a vast network of inside contacts to help your business succeed.