Since the inception of your startup, there have been those incessant advices. From choosing your idea carefully, not nurturing a revenue model that repels investors, and closes down your company. However, the most imperative thing to consider during this process is the self-evaluation you need to undergo.
This includes looking into a number of constraints and taking decisions that aren’t only lucrative in the near future, but stand unopposed in the long run as well. Examples are numerous to notice around you. For instance, the famous podcast platform Odeo got transformed into Twitter when the founder couldn’t find any adherence to the company’s long time vision.
It is not about giving up and letting all your hard work go, but preparing yourself for something better and more efficient. A product that suffices all consumer demands, redirecting your startup is a step that needs to be taken in the nick of time.
Shared below are five such signs that you should read and arm yourself for a revamp.
1. The Customers are Not Too Enthusiastic
It might be the case that the clients were quite happy with the services initially, right from the performance efficiency to the idea your company works with. But, they seem to be losing interest with the vast number of companies that come with similar products or services. This for sure seems relatable, considering the plethora of companies that get shut down during the initial years itself.
A classic sign to notice over here is the fact that the customers are continuously nagging you with the demands for something you don’t offer. Eventually, they will only co-exist with an enterprise which makes them better off.
2. Outflow of Talent
Well, money for sure is a primary constrain that keeps your company running, but talented employees are the one who will make it grow. It is a personal problem if you can’t get people to put up with you on a daily basis. However, the inability to attract and retain skilled workers is nothing less than a deathbed for your venture.
Read this sign, and start working on the payroll, perks and all employee benefits to reshape the HR framework in the organisation. Motivated employees would definitely be the key to your success.
3. You are Missing Industry Standards by a Notch Every Time
One of the most conspicuous methods of judging your movement on the right track is looking into the industry’s key sales cycles. For instance, you should know whether the sales cycle for your audience comes in 4-5 weeks or in the form of a simple yes or no.
In case, you are not getting a simple yes or no in the prevalent industry time-frame, then it for sure is a red-flag for you to duck. If it is happening on a regular basis, make sure that you reflect upon the whole process and see wherever a change is required.
4. Competitors are Killing It on Search Engines
This one is quite obvious, if your competitor lands on page one and you lag behind on the second or third page, the users obviously aren’t searching your company or its services that often.
A world where half the market runs online for sure demands you to do something about the rankings you have. Start working on your SEO approach, and refresh your keywords research on a regular basis (twice every year preferably).
5. Your Monetisation Plans are Failing
It is completely fine if you don’t want to earn from your product immediately and experiment a wee bit more. But, plans to earn revenue need to be crafted nevertheless. Expecting to flip a switch and see all those dollars flushing into your bank account is simply too naïve. It is a sign, you better start working on the income plan and its feasibility you wish to follow.
It is not the time to fret or panic, but a moment to grab a gasp and work with a new approach. It was never that tough and it will always be a cakewalk, as long as you stay interested.
Author Bio: Anshuman Kukreti is a professional writer and a keen follower of the global job market. An engineer by qualification and an artist at heart, he writes on various topics related to business ventures across the globe. Reach him @ LinkedIn, Twitter and Google+.