Running a business can be an all-consuming endeavour, whether you’re sole trading or helming a team of your own – and it can be easy to lose sight of the wood for the trees. Competition is tight in the UK, with 5.5 million small businesses registered, accounting for 99.2% of the UK’s GDP. If you’re finding your business’ performance stagnating in an otherwise healthy market, you might want to consider shaking things up a little. Here is why assessing your situation is important, and some indicators for when it might be time to make a change.
Why Assessing Your Situation is Crucial
For many business leaders, it might come as second-nature to forge on through times of relative difficulty, to carry on as normal and hold out for a return to a prior status quo. But taking a step back, and taking stock of your business’ situation can be extremely helpful, and provide new perspectives on ways to take your company. Attempting to weather a time of stagnation or volatility might result in you missing significant barriers to progress within your industry, and could well stymie growth. But what should trigger such an existential process?
An Uninspiring Workplace Environment
One of the main ways in which a business can revitalise itself is in the changing of business premises. It might be that your current office environment is an uninspiring one; your landlord might not allow for decoration or alterations, or there might be a lack of natural light bringing down the morale of your workforce. Whichever way, your environment can have a surprising level of effect on your productivity and your morale – which can have knock-on effects on your business’ performance. If you find yourself feeling run-down by your surroundings, it might be a good time to think about re-locating your business.
A Stagnant Product Range
If you enjoyed initial success from a range of products or services at the outset of your business’ trading, you might have seen no reason to make any changes. But industries move quickly, technologies advance, and consumer tastes also change. As such, if you do not move to diversify your product range, you could stand to haemorrhage customers to your competitors. For an example, a women’s fitness brand might have made its name selling branded yoga pants, but may also have lost its industry footing following an explosion of interest in the category from major brands. As such, they might consider branching out into other corners of fashion, such as comfortable ladies pyjamas or branded casual wear.
Re-Alignment with Causes
Lastly, you might feel that your business has lost its way in terms of messaging, more than anything. One key way this might happen is with regard to sustainability issues, which are becoming more and more prescient with every passing day. The climate crisis might be weighing heavily on your mind, especially if your supply chain produces a large carbon footprint – giving you a reason to step back, review your business’ processes and ask if there are ways you can revitalise your business with new directives towards sustainability and carbon neutrality.