Don’t change for the sake of change: Do a Business Analysis first

When sales are in a slump, your first thought is to make a change. Get those numbers up, and put yourself into the black. But, throwing mud at the wall to see what sticks may do more harm than good. You don’t want to waste time and resources on slapped-together plans. Before making any changes to your business strategy, you should do a business analysis.

What exactly are you looking to change?

Don’t answer this question too broadly. Make more money, or increase profits is too broad. It’s imperative that you get to the root of what you want to change, or the root of the problem. If you are looking to cut costs, do an analysis of your current procedures. One-by-one, see what can be cut effectively. If you are looking to increase sales, take a look at which demographics you want to increase the sales in. Examine what you can do to make them buy more from you.

What has worked for your competition?

If you can learn from your competition’s mistakes and successes, you might as well. It will save you both time and money. It also provides you with valuable insight to your customers’ buying patterns; along with any problems you can solve for them.

Document everything and Set Goals:

Be sure to document every change you make. Then, you can track exactly what worked and what did not. You won’t end up repeating the same mistake or forgetting your successes. It’s very important to have goals, too. If a change you are implementing during your analysis is not working by a certain period of time, it’s time to punt it.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your business profitably, please check out our website

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Manny Skivoflax LinkedIn