Generating revenue is the biggest challenge that I and many other small business owners have faced.

How to keep the doors open, how to keep employees paid and retained, how to provide a strong product for clients and customers in order to keep them and to grow are all concerns. You have worked hard to build your business. You may have even met some of your performance goals, but you are finding that the old ways, the ways you have always used to operate your company are no longer working and your bottom line is taking a hit. You will know when it’s time to change your current business model when your key performance indicators (KPIs) are not illustrating a path to growth.

There are many reasons why your business is not working as it once did. First of all, do not feel like a failure. Part of being an entrepreneur is the ability to learn from your mistakes, make changes when needed and adapt to a changing business or economic landscape. Over the years I have thought about this and have tried different approaches to finding success. Your business model may have worked well for you for many years but perhaps the global economy or changes in technology have taken place.  If your business model does not take into account the vast number of changes in the marketplace, you may not survive or grow.

One of the most important things I have found is to develop a plan and to not be afraid of change. Look for new ways to be innovative. This involves a formal process and the ability to create new ideas and ways of doing business. While this may sound daunting, it is best accomplished by taking small steps, testing ideas and even diversifying when needed.  The process needs to be efficient and your staff must be included in order to implement the strategy. As in many things, communication and adaptability are key.

Areas that must be looked when considering a business model change include:

• The economy- Shifts in the economy can be huge. Take note of the ways in which the economy is changing and how those changes affect your business model.
• The market – Be aware of consumer shifts including their unique preferences, ways they choose, how they purchase, etc. Consumers are still very aware of competitive pricing.
• Growth- It is important that your business continue to grow. If that is not happening, you must consider how you can change or modify your business model. It’s time to examine your targets, your markets, and ways in which you generate revenue. Make sure your product or service is reaching your target audience.
• Reexamine your mission – Begin by redefining your mission. Why does your business exist and what are your goals?
• Double check your business costs – Make sure your production costs or expenses are in balance with how and what you are selling your product or service for.

The current economic environment demands that leaders get out of their old ruts and look for new ideas; part of that will be helping your team find the best tools to do that work along the way. Don’t be afraid to try new tools and new ways of doing things. Ask your staff for input. They are a great source of ideas.

Timothy A Dimoff, CPP, Founder and President of SACS Consulting and Training Center, is a nationally recognized expert in corporate security and HR issues, with over 40 years of experience in workplace security, labor and human resource consulting to corporations, associations, religious entities, educational facilities, non-profit organizations and others.  He consults, trains and develops solutions for workplace issues including substance abuse, management training, sexual harassment, documentation procedures, liability reduction, hiring/firing, pre-employment screening, employee motivation, workplace violence, bullying, corporate investigations, internal theft, security analysis/vulnerability assessment and security measures. He provides commentary and profiling analysis for television, radio and print media worldwide.

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