The New Economy is here. And, it is accelerating rapidly.
Not one of us in business does not feel at some intellectual or guttural level that our businesses are in crisis, or, at the very mere minimum, at risk.
The rules have changed so substantially in the way that business is conducted today that the very core of business models continues to be challenged. Old Economy companies may no longer rely on what they knew to be true for decades. And New Economy companies have little history as to what works and doesn’t work in the post-Internet era.
As I was sitting in my backyard the other day, watching the sunset, it occurred to me that there are probably some tell-tale signs that must have occurred to you as to whether your business better be transformed in the very, very, very… very near future.
I thought I’d share them with you. I call them Top Ten Signs Your Business Needs a Makeover.
Number 10: You’ve lost your passion for your business.
Number 9: Your business has become irrelevant.
Number 8: Your company is losing energy.
Number 7: Your customer base is dwindling.
Number 6: Your cost of prospect acquisition is increasing.
Number 5: Your add-on sales are diminishing.
Number 4: Referral sales are dwindling down to nothing.
Number 3: Your profit margins are shrinking.
Number 2: You spend more of your time talking about “the old days.”
Number 1: Your spouse yawns when you describe the day’s events.
In all seriousness, I have been in the process of transforming my business operations over the past 15 months. Since I started my business, primarily looking in the rearview mirror—assessing the effects of what we created and acting accordingly—I know how significant it is to be navigating forward as we watch the fallout behind.
The business I now conduct is a very different business than I conducted two years ago, one year ago, and frankly, as little as six months ago.
As the saying goes, “Time stands still for no one.”
However, there’s plenty of room for optimism. Simply accept the need and move on as prescribed.
If any of the comments I’ve made above hit a nerve, let me hear from you. My point is simple enough. Transform your business now before that 18-wheeler leaves nothing to see in your rearview mirror.
Original writing date: August 2000