When to change business strategy

Posted by ShawnHessinger under Strategy
From http://www.businessweek.com 5561 days ago
Made Hot by: on August 26, 2009 1:16 pm

Deciding when to change your business strategy can be difficult. In tough economic times, you can quickly see old sources of revenue melting away giving you a clear indication that it's time to change course. But change is scary and you can risk alienating loyal customers (and employees and partners) along the way. This article from Business Week begins to take a look at some of the ways a business owner can determine whether change is needed and to examine the ways in which that change can be made.

Who Voted for this Story

Top BizSugar Users

This week's most active BizSugar users. Join Them!

Comments

Written by HenryJakson
4919 days ago

Cheers for taking the time to discuss this, I feel strongly about it and love learning more on this topic. We hope you enjoyed our presentations, and would love to get to know you better. If possible, as you gain expertise, would you mind updating your blog with more info? As it is extremely helpful for me…

Business Plan

- 0 +

Written by McLaughlin
5559 days ago

It seems to me that any given company strategy is either about to change, or recently changed. :-)

- 2 +

Written by ShawnHessinger
5560 days ago

I think there's a natural inclination to resist changing strategy, probably an overcompensation for the temptation to change direction every time you fail to see results. A watched pot never boils, they often say. Which is why you should never compulsively watch your Website stats. Sometimes it takes time for a new product or service to catch on. And it helps to be realistic when introducing a new service about how long it may take to catch on. It took me little time to get interest in my business when I launched it half a year ago but a good deal longer to get paying customers. Yet, changing course too much in the earliest days would have been a mistake. It's probably somewhat harder to figure out whether to give up on a new business idea than to figure out whether to change course on an operating one where you have some kind of numbers on which to base your opinion.

- 3 +

Written by smallbiztrends
5561 days ago

This is an eye-catching headline. I think we've all at least had the thought when things get slow, "Should I change strategy?"

- 3 +

Written by CindyKing
5561 days ago

I enjoyed reading this. The title caught my eye because I had to change business strategy since starting my company.

I'd actually like to read something on this subject specifically about new companies. But this article did give good outlines of things to consider to adapt to a bad economy.

- 2 +