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An entrepreneur’s journey is filled with ups and down. You constantly need to monitor and assess shifts in the market, the industry, and the business to ensure growth and guarantee that the downtimes will not last long. Many things can happen, and often, business owners must shift strategies to cope with the times or overcome difficulties. It is necessary to recognize the signs that it is time for a business to revisit strategy because timing is of the essence.

 3 Warning Signs To Watch Out For

1.    Sales revenue is flattening or staying relatively constant. Perhaps the most glaring sign is when your sales revenue is not going in the direction you intend. Sales revenue drives profit and cash flow; if it is not growing, you need to check your strategy. Take note: you don’t need to wait for sales to decline before taking action. Sales flattening out should already trigger some review and recalibration in your business strategy.

2.    If there’s a changeover within the team or the teams are not performing full force the way they should. Your people play an integral part in your business, so if you see a lack of collaboration within the team, consider it a warning sign. Maybe there are some silos between the departments, or information is not shared fully. Alignment in culture and strategy is critical for success. But issues within the team can happen under the radar, and they are easy to miss unless you focus on them. Be mindful that if the people don’t seem to be aligned or committing to the strategy, it is worth checking what you might need to reconsider about that strategy.  

3.    There’s something you need to enhance about the product or services of the company. You need to review your strategy not only when introducing new products or services or expanding into new markets. You also have to be astute enough to recognize external forces that impact your business. Perhaps there have been advances in technology or shifts in the business environments. You will need to consider a whole new set of strategic moves when you note that your company is getting behind the market due to recent changes, technologically, socially, economically, or politically.  
 

Let Us Help!

Businesses change a lot. You need to constantly look at where you are versus where you want to be. Sometimes it helps to have an outsider looking in instead of always inside looking out. There’s nothing wrong with a conversation, so do not hesitate to check out Vend Advisors, LLC. 

Rob Simon and his team at Vend Advisors, LLC have been helping business owners from various industries navigate the business lifecycle to sell, grow, mature, or transition businesses. Contact us today for business advice and consultation.