3. Why do people buy from my business—and what does not matter in their decision? Customers are the lifeline of your business so you should really get connected with them. What you want to understand from customers is why they buy from you and what doesn’t matter in their decision to buy from you. This is important because sometimes we pile on new offerings in our business just because it’s a New Year thinking that these are improvements but they may be distractions that do not make a meaningful difference in your revenues and profits.
4. Is it time to dissolve this business and start anew? If you are pouring money into your business and your revenues and profits are not increasing then there is either a problem with your business infrastructure or there isn’t enough of a consumer interest in your product or service to build a sustainable business. This really is not something to fret about. Solve the problem if it’s solvable (but if people simply don’t want to buy what you have then you have to move on) and if it’s not move on. However, make sure the problem is really unsolvable. Don’t simply quit a business because you refuse to improve and change. More than 80 percent of successful entrepreneurs try two or three ideas before they find the one that really works. But if the problem is really something within you, that will simply follow you to the next business. If you determine that a business isn’t working and it’s because there are not enough customers, don’t be afraid to let go of one business and launch your next big deal. The New Year is a perfect time to start.
Felicia Joy is a nationally recognized entrepreneur who created $50 million in value for the various organizations and companies she served in corporate America before launching her business enterprise. She is the author of Hybrid Entrepreneurship: How the Middle Class Can Beat the Slow Economy, Earn Extra Income and Reclaim the American Dream and a regular contributor on CNN. Follow her @feliciajoy.