Stop, Re-Evaluate, Redirect, then Restart Your Business

Every entrepreneur goes into business with high expectations of success. But after becoming operational, many entrepreneurs encounter what I refer to as “hitting the wall.” This can happen to any business in any industry. Businesses become stuck or stagnant and owners are unsure of how to move the business forward. In short, they experience the reality that a successful business requires far more than just a good idea.

When a business becomes stagnant, that is when the business is most vulnerable. Frustrated and concerned, business owners risk pursuing or taking advantage of opportunities that are less than profitable.  If solicited with a marginally profitable opportunity, stagnant business owners will leap at the opportunity in hopes of jump-starting their business.  I see this all the time with transportation providers entering into less than profitable agreements with Medicaid, brokers, some HMO’s, and other service agreements.

When stagnant, business decisions become reactionary, more or less, out of fear or desperation.  Business decisions are then made out of emotion – something we, as entrepreneurs don’t want to do.  We want to make sound business decisions that are intentional, part of a well calculated, strategic plan.

I have seen more business owners sign contracts and enter into unprofitable agreements than I care to mention. Roughly 50% of the entrepreneurs who I work with look for help in growing and building their home care and medical transportation businesses after signing unprofitable Agreements.  It is almost as if they wish I could sprinkle magic pixy dust on their Agreements to somehow make them profitable.

Likewise, I have witnessed an untold number of business owners leave an incredible amount of money on the table when selling their business. What a tragedy. The goal is always to sell your business for profit and achieve some financial security versus selling at a loss or modest return.

But why do so many businesses become stagnant?  Why do so many business owners miss profitable opportunities?

First, it’s because many business owners don’t know what opportunities exist.   In short, they are uneducated to the particulars of the industry – and the changes within our growing and shifting industry.  But realistically, if you don’t know what exists it’s exceptionally difficult to identify opportunities.

Second, when business owners eventually learn and identify opportunities, they fail to understand how to pursue and secure such opportunity.   Again, they are at a disadvantage because they are reactionary – playing the game from behind.  Stagnant business owners don’t know how to scale and position their business to be at the forefront of market opportunities.

Third, I witness various business owners who are able to secure profitable contracts or agreements don’t know how to maintain the opportunities.  They don’t know how to sustain the success in a competitive marketplace with competition vying for market share.

I encourage you to ask yourself the following:

1. Are you making money?  More specifically, are you making money every single day?  What I love about medical transportation and home care is that we are service-based businesses.  Every single day there are people in need of service.  Therefore, there are money-making opportunities all around us each and every day!

2. Are you making the amount of money you desire?  If not, how can you expand your business vertically and/or horizontally to reach new audiences of prospective clientele?

If you believe you are worthy of more, then you ARE capable of more – bottom line.  If you are capable of more, then it is up to you to pursue and go after more.

If your answers to these questions are not to your liking, then clearly, what you are doing is not working.  If your work is not profitable, then it does not work!  You need to stop, re-evaluate, redirect and then restart your business – moving in a new, more profitable direction.

At it’s most simplest form, making money comes down to solving problems.  When you can offer more services to more people your profit-earning potential is exponential.

All businesses, even in the same industry, are different. Market dynamics and opportunities are unique to each community. Owners have varying levels of leadership, experience, motivation and aspiration. Financial strength varies by a host of variables to include startup capital, amount of revenue, expenses, debt to equity ratio and more.

Offering more services to more people requires understanding the needs of your market, developing strategic plans of implementation and effective plans of execution.

Ultimately, you cannot be reactionary.  You need to be proactive, investing in your education and strategic planning.  When you are well educated, well equipped and well prepared you have a distinct advantage over your competitors.

If you are not making as much money you would like or feel that you deserve, then I encourage you to honestly re-evaluate your progress.  Honestly assess your productivity and consider how your business could improve with new ideas, strategies and a deeper understanding of your industry dynamics.

I encourage you to invest in your education so that you reduce your learning curve and same time, money and effort.  Invest in the resources which you feel will better help you understand our changing industry, the growing opportunities, and the strategies to move you from stagnant to profitable!

Click Here to learn about my DVD Series and FREE copies of my ebooks.