At a crossroads? How to know when to persevere or change directions in business.
Running any business is challenging and always will be. But how challenging should it be? And when do you know when to persevere or call it quits?
Sometimes, only a slight adjustment is required to get us back on track. Other times, it requires a complete shift onto a new path. But how do we know which one to choose? The reality is, there’s no right answer and it will be different for everyone.
In this blog post, I share some insights on how I decide when to carry on, change directions, or quit all together. I hope it helps!
While this post is specifically for creative solopreneurs, any business owner could relate and apply these tips as well.
This post is purely based on personal experience & opinion. I am not a licensed therapist, counsellor, or doctor. If you feel you require assistance or support with whatever you might be struggling with, please consult a professional.
Logic
“It’s important here to not compare your business to any other but to your own.”
The first marker is to look at is analytics & data. Ideally using historical data to look at trends, patterns, and comparing that to current day.
Where are you falling on the chart in comparison to previous years? Higher? Lower? Same?
This is the first data point I look at to determine the health of sales and help me see what pieces of my business are doing well, or not. Which can then inform a deeper dive into why.
Is it economics? A new strategy that isn’t working? Client base – and THEIR current trends? Product line or service that isn’t resonating?
It’s important here to not compare your business to any other but to your own. If you don’t have any data to go off of, then the path is more clear; Gather more data.
Once you have some data to work with, you can start taking action. But before that, we have to check in with ourselves.
Feeling
How do you feel about what you’re looking at and the actions you need to take to keep trying?
Are you still passionate & excited about what you’re doing and your offerings?
If you get a green light from our internal self to continue, then you can step into the “experimenting” phase and start expanding.
However, if you get any resistance or tension to continuing on (even if the numbers are positive), you may have to skip to (or at least consider) the “releasing” phase.
Experimenting
“You need patience and months worth of data to really understand if what you’re doing is working or not”
With data in hand and a fire in your belly, you can start to experiment to “double down” or expand on what’s working in addition to breathing new life into what’s not. Even trying new things if nothing is going just right yet. All could create more income and establish your brand a little more.
Doubling down simply means, doing more of that thing or expanding the product line, design, or service that’s selling well. Breathing new life into what’s not working could mean packaging or selling it in a different way, like bundling it with other things. Trying new things could look like doing something unexpected, adding a new product line, design, or service, or finding new ways to market your business like attending markets, networking events, conferences, advertising, etc to get the word out there.
During this experimenting phase, you need patience and months worth of data to really understand if what you’re doing is working or not. I’d say 6 months, minimum, to really give it a season or two to pick up some pace. I tend to do something for a year and look at my numbers to see where things are at.
Releasing
“You are doing your best with what you have and what is happening or not, does not define you or your value. ”
When all the data and experimenting fails over a significant period of time, or you simply don’t want to keep trying, it may be time to let things go. This will free up resources (time, money and energy) for the things that can really move the needle and, possibly, align you more with your passions.
Whether that means letting it go to someone else (aka delegating the task), letting go of a product line, design, or service that serves to only hold you back or weigh you down, or letting go of the business all together. These decisions will vary and range.
Expect all kinds of feeling to crop up as you come to the reality of the situation; Grief. Excitement. Disappointment. Motivation. Apathy.
What you thought would happen, didn’t in the way you thought and the ego is going to try to tell us you’ve failed or you’re not good enough. Or that if you only kept trying, you’d succeed.
It’s wrong and right.
Something may have failed. Yes. But, that doesn’t mean you’ll never succeed.
What you’ve created may not have worked. Yes. But, what if there’s something better, that will - if only we let go?
Maybe it has to do with you. Yes. But, consider that it doesn’t.
Maybe it’s a combination of everything. Some of it is in your control. Other things are not.
This is also not to say what you’re letting go of, will never be again. It just may not be the right time, place, or circumstances for it to thrive right now.
Remember you are doing your best with what you have and what is happening or not, does not define you or your value.
Additionally how anything lands, fails, or succeeds, is not fully under your control so the ego needs to take a back seat here so you can allow what will and more easily step into something greater.
Rick Rubin talks about this in his book; The Creative Act. Highly recommended.
Feelings Speak Louder Than Data - and Success
So…in the end, what if you’ve built a successful business that doesn’t actually work for you anymore?
This can be quite the paradox as your logic tells you one thing (based on the data) but your heart tells you something else.
Sometimes it’s for good reason; You’re burned out & stressed. So maybe all that’s needed is some time away? You need to delegate certain tasks? Change your hours?
If that doesn’t work, and you can’t shake the heaviness & fatigue, it might be time to really look at the business itself.
Does it fit with what you envision for your business, yourself, and lifestyle? Is it a business (mostly) you want to be doing? Is it aligned with your purpose for being in business?
If the answer is no, it may trigger a moment of grief and panic as you come to the reality that what you’ve created no longer fits. As much as you want it to. How can that be?! (Trust me, I get it)
More importantly, now what?!
You can stick with it as it is. Understand that in doing this, you may continue to feel burned out, stressed, and unmotivated – which will most likely show in your work. Your marketing efforts. Your communications. And in turn, will reflect in your overall business success. Maybe even income and physical or mental health.
Or, you can make new choices to align the business with what you want it to be. This may take time to explore and adjust.
Last option is to close up shop completely and do something else.
You are entering into an unknown so whatever you choose, take time to plan for what’s next so you can make changes or adjustments in the direction of what you want.
Ultimately, your decisions should align with how you feel. What your intuition is telling you. That should speak louder than data any day.
Comment below to let me know your markers for persevering or changing directions.
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