Entrepreneur Weekly Episode 7:Stop. Evaluate And Listen
Take the time to evaluate your business. That means look at your plan, market, customers, competition, and more. It also means going back, regularly, and reevaluating.
For the new entrepreneur, evaluating business prospects may seem to be a daunting task. It is! However, it’s vital to the future of your business. You need to know your competition, your costs, your time spent on building it, and where to focus your attention. One mistake you should avoid is seeking out a business with no competition. If smarter, richer, better staffed, and more flexible people aren’t doing business there, that may mean it’s a really bad idea.
For the current business owner, evaluation needs to become a regular process, if it isn’t already. Regular reviews of all aspects of your business can help you to improve weaknesses, spot trouble, and prepare for major changes in the marketplace. Today’s business environment is changing faster than at any time in the past. Make sure you’re ready to roll with the punches, when they come.
One area of your business that may not get enough attention is your customer base. While customers are the lifeblood of your business, some customers may not be worth the trouble. A careful evaluation of the worst troublemakers may lead you to cut ties with them, for the sake of your overall business health. Naturally, you should be very careful about cutting ties, but if it’s worth it, do it.