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Have You Diverted Your Focus?
When sales slow many companies begin to explore other avenues to make money. Unfortunately, they often look completely outside their existing customer base in order to find these sales. This can be quite costly. You are basically creating a whole new company. Instead your best option is to look at options that work with your existing infrastructure and customers. This is commonly called a "pivot." When you try to grow sales you should ask yourself "can I sell this new product or service to my existing customer base? Is it something we can do without great effort or without leaving our existing core business behind?" Troubled times should not be the point at which you take a leap on something new. While your core business may be shrinking, taking a leap of faith on a new product in a totally new market will only increase your risk of failure. On the other hand, if you have determined without a doubt that your existing product base will never support your company, then maybe you should rethink the entire enterprise. I urge you to get consulting help with your strategic decisions. It is hard for owners to be candid and objective about their own businesses. Do not act rashly, it could cost you your company.
