Making changes is essential for the growth of any business. But it’s not always easy to know when the time is right to make those changes. Is your business stagnating? Are you finding it difficult to keep up with the competition? If so, it may be time to consider making some changes. Here are a few signs that it might be time for you to make some adjustments in your business plan.
Small and medium sized businesses faces the question of whether or not it is time for change. Change, no matter how minor, may increase business. For example, if you’re in a retail business, would a new product or product line increase sales without increasing costs? If you’re in a service business, are there some new services that can be offered or expand existing ones? It is better to attempt a change rather than not try one because in the small and mid-sized business strategies for change usually can be withdrawn or modified without undue damage to the existing business.
Co-branding is on the rise, and there are a variety of combinations you can explore. Food franchises are co-branding because one company may own or franchise several brands. KFC and Taco Bell may share the same premises and kitchens. Many of the travel plazas will have, for example, a Burger King, a Popeye’s Chicken and a Cinnabon’s (cinnamon rolls) joined together. There are coin laundries that also house espresso bars and tanning salons. There are also small convenience stores that sell soaps and other laundry items for use in washers and dryers, right along with snacks and other products.
Adding other products or services to your current business can breathe new life into what might feel like a tired venture. It doesn’t take much imagination, but it does require homework and a willingness to try something new. So before you give up on your small business, consider whether adding another product or service could be the change you need.