How do you change the trajectory of your business?
Good question.
As we’ve talked about in previous posts, there are often opportunities for optimizing your profitability by taking a hard look at your products and use of resources. Which ones are driving your profit, which ones contribute less … shifting your focus appropriately. As productive as it is, doing this will likely not change the trajectory of your business though.
The framework I developed to help accomplish this is relatively simple at the high level, and significantly more involved in the application.
- Explore and understand the current state of your business (I would include your life in here as well).
- Develop a vision for the future, a strategy for how to get there, and plans to make progress with both.
- Execute on those plans and drive yourself and your business forward.
I have a concept in my head of what it means to “change the trajectory” of a business, and you probably do as well. Odds are incredibly high that your interpretation is different than mine. Through all of these steps be as specific as possible.
Back to the original question: How do you change the trajectory of your business? Figure out where it is right now, define where you want it to be, and plot a course to get there. This process is an iterative one and should be done with some frequency. At very least you should regularly validate that where you’re going is where you want to be, and that the strategy you came up with is still valid.
Does that mean you shouldn’t be optimizing your product profitability? Of course not. That process is both useful and evergreen. Perhaps you should inject it into your annual cycle. No reason not to squeeze the most out of your business wherever possible.
Is changing the trajectory of your business simple or fast? Most likely not. But there’s no time like the present to get started.
Every small business owner deserves to have the success, and the life, that they dreamed of when they started, including you.
PS: This is one of the various ways I engage with people. Many small business owners want to grow their business and improve their lives, but they’re overwhelmed and they don’t know how. I use straightforward frameworks to help them drive their business forward, increasing profit, gaining confidence and peace of mind.
Here’s how you get started:
- Reach out on LinkedIn or via my website to schedule a call
- We get to know each other a bit and you tell me about yourself, your business, and what your current challenges are
- Schedule a low-risk 60-90 minute coaching session to take the first step toward a solution and experience what it’s like to work together