Any business might, at some point, experience tough times. If this happens, you might be able to use the challenge as an opportunity to rethink your business goals and reprioritise.

1. Assess where you are

First, get an understanding of where you are. Assess your finances by updating your cash flow statement, budget and financial plan and consider scheduling a regular check-up for these parts of your operation.

2.  Set new goals

Once you know where you stand financially, you might need to reset your goals. A mix of short- and long-term goals might help reignite momentum as well as plan for the future.

3. Reprioritise, simplify, revisit what’s worked before

Your new goals will help you to reprioritise and simplify. If you know what has and hasn’t been working for you, you know what to focus on next. Work out if there are any things you regularly do that you can automate or delegate to save you time and energy.

Were there any activities you were regularly doing that you’ve since stopped? Are there existing or past customers who haven’t heard from you in a little while? Revisit the strategies you’ve used in the past that have helped to get your business where it is now.

4. Look for new opportunities

Changing or refocusing your direction gives you a chance to research new opportunities for your business. Consider asking your staff or customers for their feedback. Look at your competitors and businesses you have relationships with and you may be inspired to try something new. If you need extra support, consider talking to a mentor, business coach or your wider community.

Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances.