Regardless of how long we have spent in business or how much success we have had. There always comes a time and a place for change. This change could be focused on the natural evolution and life-cycle of one part of the business or a wholesale change in direction.
Whichever type of change you wish to instigate, it will never be easy. Naturally, you will battle against some external resistance. This could come from employees, or even the market itself. The toughest battle you will face however, is with yourself. This is why you must be strong and know when the time is right. Here are a few indictors which may push you in the right direction.
Loss of Passion
This may be the number one, red hot indictor that a change is required. The daily drive and determination has turned from an insatiable hunger for success to a laborious drag to raise yourself for the morning commute.
Of course, in this case, time is necessary. We all have temporary blips. If though, you find yourself at the levels of a certain McAfee founder, it may be time for a re-assessment of your business direction and goals.
Do not think that your loss of passion goes unnoticed to the company’s bottom line. This is certainly not the case. The entire organizational culture inevitably suffers in a top-down fashion. Therefore, a change of direction can only be beneficial to all.
This is more reflective of what should be the natural evolution of a company or product. You simply have to move with the times. It pays to be proactive, even if some of your proactive moves end in failure or largescale rejection.
There are examples on both sides of the spectrum of when companies realized and initiated positive product evolution, such cases as Apple and Dre Beats, to name but a few. Sadly, there have also been many who have missed the proverbial boat. Nokia is one which springs to mind.
Of course there is a chance that your move has been ill-conceived, such as the infamous USFL challenger to the NFL. However, the effort alone is worthy of some note.
Of course, there are a variety of reasons why you may be in financial strife. There is no doubting however that this is one of the tell-tale signs that something you are doing just isn’t working. This is not to be confused with short-term cash flow or management issues, something which almost all businesses have experienced.
Generally, your gut-instinct is correct. Deep down, if you feel that something is going astray and in need of a change, it is often well past the due time and you should get to work on a new direction quickly.