[typography font=”Myriad Pro” size=”18″ size_format=”px”]Strategy #16 – Review and Evaluate[/typography]
Review and Evaluate your business – then make adjustments. This is a key strategy for building a successful and sustainable business.
Periodically (every month or every three months) review and evaluate your business. What has been successful? What has failed? What is borderline successful and needs to be tweaked?
Look at everything – advertising campaigns, websites, social media marketing, list building efforts, product development….evaluate everything. Check the performance/results of each one.
To be successful long-term, you must review and evaluate every aspect of your business on a regular basis. If you don’t stop to find out where you are at regular, scheduled points in time and make necessary adjustments, you will never get where you want to go.
Being waist deep in your business or a particular project is not a valid reason to keep going with something that is not working. Do not misunderstand – I am not giving you permission to be a quitter when things get tough. I am urging you to re-evaluate your business and projects and make difficult decisions where needed.
For example,[typography font=”Myriad Pro” size=”16″ size_format=”px” color=”#c72828″] Strategy #6[/typography] discussed a “Target Market that Will Buy.” With the low start-up cost of an online business, many people dive head in first with an idea that doesn’t always work out as planned (or hoped). Unfortunately, many of those people just keep at it for years, determined to make something unworkable work.
Don’t be afraid to make a tough decision to start all over after a shaky start. If you need to cut certain projects or websites because the ROI of time, effort, and money is $0 – then cut them. Don’t quit for quitting’s sake. But, it is critical to let thing go when they are eating up too much time and too many resources with little hope of a good return. Cut your losses and move on.
When you figure out what is working, do more of it. When you find things that are not working, get rid of them, or make adjustments so they will work. For example, if you have a product that is already converting well, brain storm ways to acquire new customers.
I know what I just wrote may sound like common sense advice, but it is surprising the number of people who do not take the time to review and evaluate. Instead of figuring out what is working and not working so they can maximizing what they already have, they blindly continue to do what they have been doing – building more websites, creating more products, etc. The smart move is to evaluate – let go of what is not working and figure out how to make more money with the things that are working.