April 25, 2017

Business Development in 2016: Don’t Rush Change

Before you make any subtantial changes to your business in 2016, stop, think…then act.

Business development in 2016


Yes, it is a new year. Sure, this is typically a good time to make some changes to your business, though I could argue it could have been considered a few months ago.

That being the case, it is surely never too late to make changes to impact your business. I want you to, before you take action, consider a few things. The decision to invest your hard earned money or time in a business product or service should not be taken lightly.

Plan

First things first. Do you have a plan? Have you given any thought to what went well last year and what could work out even better in the coming year?

While I would love to see you put the past behind you, at a minimum, you should look back and see if you achieved your desired results, and if not, why. This will inform your current course of action and whether any change is needed.

It will also inform where you stand to gain the most value if you do indeed make changes.

Value

Don’t let anyone else tell you what you should or should not value. No one can develop your ROI for you. You, and only you, need to determine the value you are getting from the services and products you pay for, and use that value metric to inform a different approach, or doubling down on your current spend.

Some considerations that will help get you started include:

  • How you define or measure value.
  • How you will know you are getting the value you desire.
  • What does success look like to you.
  • How you will know when you have achieved success.
  • How much you would invest to achieve the desired result.

Problem/Cause

I have a big concern that I have had ever since I started working as a business person over 20 years ago. My concern is that businesses and the people that run them often invest in change protocol that doesn’t address the cause of the problem they are trying to solve.

This is a crazy thing in my mind. It would be like a patient of a dentist thinking they broke their leg because they have a cavity. So they came to the dentist to help themselves avoid breaking legs in the future. 

Doesn’t that sound stupid?

Yes, of course it does. Yet, most business owners do the exact same thing when they make decisions to change course or invest in something they believe will help them grow.

Just consider…

  • How you are going to diagnose the actual problems you have.
  • Why you haven’t done anything to solve the problems before.
  • An honest assessment of what is stopping you from reaching your goals.

The Decision to Change

If you have a plan, looked back to see where it went wrong, given consideration to value as well as accurately diagnosed your problems, you can begin to consider that a change is in order.

Now, I am a service provider for businesses. I get paid when my clients make decisions to change, but still, I want you to stop and consider…

  • An evaluation of the variables that would tell you it was time to make a change.
  • An evaluation of how you will determine what needs to change.
  • What has stopped you from making any changes.
  • Who needs to be involved in the decision to change.
  • Who is going to own the change process.

No matter what you decide to do, whether you decide to make a change or not, you must consider putting systems in place to help you better manage your performance if those systems are not in place already.

Performance Management

  • How will you measure your achievement against desired outcomes?
  • What benchmarks will tell you that you are on the right track?

These are all things we are willing and able to help you resolve as you navigate your way to making better decisions for your practice. While the article address the beginning of a new year, these are decision making criteria that will serve you all year long, in any year going forward. 

Conclusion

When you think about it, I am not asking you to do anything you likely haven’t considered doing in the past, or even now. This is business 101 stuff yet you get caught up in trying to get things done on a daily basis. This results in you thinking you don’t have the time to stop, think…and act, but with conviction that you know you are on a better path.


 

 

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