5 Lessons for Changing Your Business Trajectory
No business stays the same during its lifetime – companies need to adapt to constantly changing market conditions, customer demands, and tech innovation. But sometimes following the same trajectory is not enough and the company needs to switch direction to survive.
Implementing a significant change to your business is a difficult decision. But here are some telltale signs that you may help you determine whether you are making the right move.
- Growth is slowing: every company goes through ups and downs, and it’s a normal experience. But if a downward trend becomes a norm for you – especially compared to other companies in your industry – it’s time to consider changing the trajectory.
- Smaller competitors are starting to surpass you: startups that didn’t seem to be a threat start to compete with you and get involved in the deals you’re in.
- Your customers aren’t satisfied: positive customer feedback is an indicator of happy customers. But once your customers start to talk about a new product or service that they’d like to have instead, it’s a clear sign something need to be changed.
5 ways to change the trajectory today
#1. Reconnect with the dream
When you started the company, you had a dream, a vision that became a driving force for your business. It may be time to reconnect with your dream and decide by what means you want to make a difference.
#2. Avoid blaming others
Don’t beat yourself and don’t blame others. Let go the past – you can change the trajectory only when you stop following yesterday’s course.
#3. Start today
Start to change the course today if you want to see new results tomorrow. Think of what is holding you back, what can take you further, who you can reach out and what results you expect at every stage.
#4. Don’t be afraid to start again
Ups and downs are a normal practice when running a business, and especially when changing the trajectory. You may need to start again and again until you find the right directions.
#5. Eliminate ineffective practices
Success is not just about doing what works. It’s also about eliminating things that don’t work.