Warning Signs that you need to review your Business Strategy

3rd of December, 2021

Planning for the future is vitally important but very few businesses actually do it. The following warning signs can tell you that you should undertake a strategic planning process

Someone asks where your business will be in one year and you don’t have an answer.

You have some idea where to want to go to in the next year, but you don’t have any idea what you are going to do to make it a reality.

Your business will not hit its revenue goals this year.

There are inconsistencies in your leaflets, brochures, website, and sales material.

You find that when you explain your business to a potential customer you tell different stories about how you provide value.

You are ignoring your competition. You don’t know who your number one competitor is and what they are doing, who their customers are, what product they offer, their pricing or key message points.

When your customers ask you to explain why your business is different, you don’t have a good response.

Everything on your to-do list is a priority. You don't know where your time is best spent.

Your networking colleagues can’t refer you because they are not sure exactly what value your business provides and to whom. They often ask, “What is it you do again?”

You are presented with a business opportunity, and you are unsure how to evaluate whether it is something your business should pursue.

Your business development consists largely of attending networking events, but you spend most of your time talking to people you know.

You don’t know why your customers buy from you. The majority continues to do business with you, but you are not sure why they keep come back. You have never really asked.

You find your customers are contracting with other companies for products/services that you provide. When asked, they say they do not know you offered these products/services.

You ask your employees what success looks like, and they do not have a consistent answer.

You complain when your customers call you because you don't have time to talk to them.

You don't do market research or solicit customer feedback because you know (you think you know) your market. You have been in the market for years and you know customers' needs and wants.

You determine your pricing by looking at your competitor’s prices and discounting slightly.

You can’t articulate what your business does best.

You are asked why you are in business and your only response is to make money.

If you want to develop a new or updated business strategy and action plans, please contact us.