How to Keep Your Business Vibrant

Keeping a business performing at its peak can be just as challenging as starting one. You might think that if your business survives for 7 or 8 years, you're in the home stretch. But, you cannot relent. Becoming complacent can turn a thriving business into one that's lost its edge, resulting in reduced revenues, dwindling profits, loss of income for the owners, or worse.

Complicating things, if the business employs family, there is a dependency on it for income, not just for yourself, but for multiple family members. Typically, the first owner has the greatest passion for the enterprise, but as additional generations come into the business, the passion often dissipates over time.  

Owning a business is hard work, no matter what age the business is. To use a sports metaphor, you can't afford to take your eye off the ball - ever.  

The question is: how can you keep the business vibrant? How can you continue to motivate yourself and others who work in the business - family included - to run at peak performance levels?  

Unfortunately, owners and employees get accustomed the status quo. They don't necessarily realize it as its happening. They do the same thing, day in and day out, and it becomes routine. Complacency has crept in without their even being aware of it. But one day, they notice that things aren't going as well as they should.  

You have to continually raise the bar. In sports lingo, if you want to hit faster pitches, you have to practice hitting faster and faster pitches. It's the same in business. You need to establish performance indicators that keep the pulse of the business in view and that measure progress from one reporting period to another. You have to find ways to stimulate the desire to change, and not accept yesterday's results.  

If your business revenues are not where they should be, you need to determine your next steps to get back on track. It could be time to sell, time to promote an employee with potential to help you turn things around, or time to transition the business to the next generation. Whatever the situation, it's probably time to take a deeper look at what issues are holding the business back.  

Consider having the ISBDC do a comprehensive business assessment to evaluate both functional and financial performance. The interview process typically takes two hours, and can occur at your business location. The ISBDC will prepare a thorough report that reviews the current "health" of your business with recommendations for revitalizing it. This process will result in a clearer vision of where you are and what you need to do to reinvigorate the business and the staff, and ultimately, to grow profits.