One of the hardest things for entrepreneurs to do is admit that the business we started from the ground up has some serious flaws. Perhaps these flaws weren’t flaws when we started the business, perhaps the landscape has changed and we just failed to notice or perhaps it’s just that what worked in the past no longer works for you.
It doesn’t matter the reason why. What matters is acknowledging that something has to change and doing something about it. The clues are there, waiting for you to recognize them. If any of these apply to your business, you may want to consider making a change.
5 Signs You Need to Change Your Business NOW!
Dreading Mondays — If you find yourself dreading the coming work week, it’s time to examine what exactly you are dreading and fix it fast! There’s a difference between looking forward to weekend fun and counting the minutes until 5 o’clock on Friday so you can officially clock out. The same holds true for that gnawing feeling that starts Sunday afternoon in anticipation of Monday. Your business needs you to show up every single day, not find creative ways to dodge your to-do’s.
Chronic Cash Crunch — If you have to find creative ways to pay your monthly expenses, stretching due dates here, asking for favors there, it’s time to change how you manage your money. When money starts to get tight, that’s a sign that something is broken with your business. You need to shorten your payment terms, cut back unnecessary expenses, and focus on generating new leads and closing sales.
Midnight Sweats — If you wake up in the middle of the night when your brain whirling about what needs to be done OR ELSE, it’s a sign that you need to address the root cause of your stress. Maybe it means saying “No” more often when people press you for fast turnarounds, perhaps you need to hire help to get through your momental to-do list, or
Ongoing Employee Exodus — If you are constantly having to replace and retrain new people, it’s a red flag that something is wrong with how you run your business or at the very least, how you manage your talent. It’s time to really find out what’s going on. Start by asking the people who are leaving your company why they are moving on, but also take the time to assess your current staff. Note: often your people won’t tell you what is wrong so you may have to bring in outside help to get to the truth.
Constant Customer Complaints — If your help desk is always fielding troubleshooting questions or responding to customer complaints, it’s a sign that there is a serious flaw with your product. Look for commonalities with the complaints. For example, if it’s a lack of technical knowledge that is causing the confusion, a simple fix is redoing your product documentation to include more detailed instructions targeted at the layperson.