Shifting Your Business Strategy to Kickstart Growth
Written by Terri Maxwell
In the last six months, we have seen a global change in social and business values. This Divine Shift™ is making entrepreneurs rethink their business strategies to ensure the success of their companies through these changing times. As a conscious entrepreneur, you are probably familiar with refining your offerings as you strive to keep your products and services in alignment with your passions. However, as you know, like business itself, strategy shifts involve a level of risk because it affects not only your livelihood but your personal and financial investment.
Determining When A Shift Is Necessary
Although in some instances, it may be very clear when a shift is needed, in others, it is not so obvious. Here are a few signs that you may need to consider making a change in your business strategy:
- While following your business plan, you are running into many issues.
- You are lost amongst competitors and do not have a strong differentiation point.
- You have hit a plateau and are no longer experiencing growth.
- The preferences or needs of your target market have changed (this is in fact the number one reason why businesses fail).
- Your perspective has changed after starting your business and you want to innovate or reposition yourself in the market.
- An outside force has significantly impacted your customers behaviors or you personally.
Steps to Effectively Make a Business Shift
As you begin exploring your next move, it is important to fully think through the options and attempt to minimize risk. Start by researching the market, identifying your audience (target market), their purchase drivers and your company’s differentiators. In order to best serve your customers, you must know where they are, what they care about, and what they need and want.
Next, begin to dig into the specific area you are wanting to address and ask yourself two questions:
- What is working?
- What is not working?
Spend some time brainstorming and really thinking through these areas. Consider people, processes, products and everything in between. A SWOT analysis can be an impactful way to identify where your company excels, any weaknesses or opportunities you may have, and threats in the business landscape that you have not yet considered. You may also try conducting a problem-solution-value analysis here to build upon your areas of opportunity.
Now, set your vision and make it an intention. Before you can put together a plan, you must know where you are wanting to go and believe you can get there. This is a very important component that cannot be overlooked. If you have a personal purpose statement, you might also bring it into consideration at this time.
Finally, after you have defined why you need to make a strategy shift and where you want to go, it’s time to put together your plan.
Execution is a very important step; however, many companies have the tendency to jump directly into execution without doing the proper prep work. The prep work will decrease your risk and make you feel for confident about making a well-informed decision.
What If I Need to Shift Quickly?
It is important to note that there may be times where your business needs to make a quick, smart strategic shift. During these circumstances, you may not have the luxury of time. However, you should still give some thought to these three areas.
- Why am I making a shift?
- What am I hoping to accomplish?
- How am I going to shift?
There is a huge difference between changing your digital website copy versus expanding into a new market. The time spent on the decision should vary accordingly. The more risk involved, the more thought you should invest.
The world needs more successful conscious entrepreneurs! If you are in the process of shifting your business to kickstart growth and are in need of guidance, our business growth platform has successfully assisted many entrepreneurs in overcoming their obstacles and pivoting towards success.
About Terri Maxwell
With the soulfulness of Wayne Dyer and the entrepreneurial spirit of Richard Branson, Terri is a world-class business growth expert, social impact investor, and serial entrepreneur whose purpose is to inspire potential. With her own money, Terri built a portfolio of purposeful companies, Share On Purpose, Inc., and now invests in and creates mission-driven start-ups.
In a career that spans more than 25 years, Terri has launched, owned, sold, rebranded or turned around more than 40 companies. She is known for her game-changing business models and personal transformation frameworks.