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Starting a business is a brave, however, difficult process. There will be times you ask yourself: “What have I done?” or “Is this even worth it?” The answer is — yes! It is going to take hard work, dedication, and making some tough decisions down the line. But you can do it. And Cross will be by your side, all the way.

When staring down a crossroad in your business and feeling that you have hit a wall, there are few tactics you can consider that may help regroup and position your business for success.

Do your market research

Ensure that you understand the environment of your business. If you have a better understanding of your target market, competitors, and industries, you will be in a better position to plan and position your business.

Research who your target market is, what and how they tend to use your product or service. Adapt your approach and tactics to how you would reach these markets.

Know who your competitors are and what they are doing right within the market. Look at referral scores and promoter-indexes. You can even scope their marketing tactics to understand how they are reaching their target markets. If you can understand or identify any gaps they might have, you can adjust your plans and do better than the competition.

Identify some key players within your industry and connect with them. Research any industry bodies that play an important role in the industries that you play in. This is a great space for networking and getting some great advice from people who have made it within your industry. While researching your industries, you will be able to identify some key trends that you can adapt your business to.

Do a self-assessment

Reflecting on what your weaknesses and strengths are, can help you identify any gaps and know where you might need some help. Answering these questions about yourself and your abilities will get you thinking about your goals and about what motivates and inspires you.

Re-assess your business plan

Can you write an executive summary of your business? Do you know your business model? How would you sell your products or services? What is your marketing and sales strategy? How does your finances and funding look like in the short and long term?

Answer these questions again, step-by-step, and don’t rush through this process. If you need to, set out a day or two to think and answer each question. It is always a good idea to bounce your answers and ideas off your team or a mentor. They might be able to offer you a different perspective or way of thinking.

Looking at your resources

There is no shame in admitting that you might need help. During your self-assessment, you would have identified your strengths and weaknesses. Do everything you can to bulk up your skills. However, it is sometimes necessary to bring in an expert in a specific field, while you navigate and build your business.

 

Get in touch with Cross Industries today, and we will help you navigate the road to success.