3 Steps to Change Your Business Direction

“Would you tell me, please, which way I ought to go from here?” asked Alice

“That depends a good deal on where you want to get to,” said the Cat

“I don’t much care where…” said Alice

“Then it doesn’t matter which way to go,” said the Cat

LEWIS CARROL
Alice in Wonderland

A few weeks back I went to see a client of mine.  Her business was going through some rough times and she needed to know alternative solutions for her company benefits.  Even though we are a 100% virtual company, she had been with me for over 15 years.  Going to see was the least I could do for her loyalty.

During the conversation it was obvious she had lost sense of direction.  What was once a thriving business; had suddenly become a burden and a liability.    The recession had accelerated the inevitable, that her business needed a new direction…but where? What? How?

One of the most obvious problems was, she did not know who her target market was.  Therefore she was trying to be everything to everyone.  This cost her tremendous amount of market share.  Now she had no choice but to start laying off employees and cut expenses to salvage her business.

Another problem was that when she started her company, there was a huge need for her products and services. She had never written a business plan and was lucky enough to be in the right place at the right time.   This was no longer the case.

Fear was obviously setting in.  She could not escape the paralysis.  In other words, she was stuck.

I believe if you follow some simple steps — don’t get me wrong, they do require work — it will help you find your new business direction.

1. Figure out your niche target market: Even though I have an MBA degree; I have written numerous business plans and I have done tons of marketing research…the way I was able to figure out my target market — down to the color of their socks — was by reading and following Howie Jacobson’s book “Google AdWords for Dummies”, 2009 edition.    One of the greatest benefits about Howies book is that he shows you how to take advantage of the immense amount of free statistical data available.  He shows you how to test and test and test until you know EXACTLY who you should be talking to.
2. Write a business plan: I know many business owners and entrepreneurs cringe at this idea.  Remember, this is a working document, so it will evolve and change over time.  But by having a business plan, it will help you figure out your strengths and weaknesses.  Another benefit of writing a business plan is that it will help you figure out how much money you need to make the transition.  Cash flow problems are the main reasons why small businesses fail.
3. Start building your list: I mentioned it before and I mention it again.  Once you figure out your niche, start a blog and have an optin form.  This will allow you to start building your list while you are putting the other pieces in place.  By the time you are done rebuilding your business, you will have enough people in your list you can start selling to immediately.

With a clear niche market, a clear understanding of your strengths, a clear direction of where you are going and how much you need to get there…you will quickly lose your fears, stop the paralysis, start taking action and can become a force to be reckoned with.

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3 Steps to Change Your Business Direction