E is for Enterprise Evaluation

Onward we go in this series of 26 posts. Although it speaks to Women Entrepreneurs, I hope it will help anyone who is thinking of setting up their own business.
You may read the previous post here.

A is for Ambition 

B is for Business Plan

C is for Customer Connection

D is for Distractions

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E is for Enterprise Evaluation 

 Any venture that you undertake needs to be evaluated periodically. A business thrives on constant feedback and adjustments. You have started out with a venture that you will nurture like a baby. Just like it is difficult for a mother to hear about the faults in her own child, it is difficult for an entrepreneur to take criticism about her business. This does not mean that the criticism should be ignored.

Look at the source of the criticism. There will be some people you know who may criticize you and your business simply because they are suffering from the green eyed monster. Review what has been said. Are you going to find any merit in the suggestions made? Have these suggestions come from a person who has experienced your products or services? The feedback from an existing customer can be priceless in helping you improve your business offerings.

In addition you must realize that your creative gifts needs to backed by a logical and rational mind. Just as not all the ideas you started out with will end up as actual businesses, not all the products you first designed may be successful. It is up to you to make things work by balancing the creativity and practicality of your products and services.

As you begin to work at your business a number of new opportunities will rear their heads. It is up to you to decide if they are worth the effort and the time that they will take to be developed into viable money makers. There can be a great deal of excitement generated when someone asks to partner with your business, but you need to be careful about taking up such offers. For any such opportunity that comes your way, you may like to undertake a pre determined enterprise evaluation. Here's how you can do that.

The Exercise

What You Will Need: All the facts, a few reviews, and a person to act as a sounding board

Constant change is required to survive in today's dynamic market place. The products that you offer may do very well for a few months and then stop selling. This means that you need to evaluate what changes need to be made in order to boost the sales for your business. 

Do you need to add more value to what is being offered? Maybe come up with new products that will appeal to old customers. Get reviews from people who have bought from you in the past and find out what can be done to improve your offering.

New business opportunities may show up where others want to sell your products. Find out if they will buy your products outright or charge you a percentage of the sales you make through their store. What about returns or damaged goods? Figure out your policies in advance so that you don't get blind sided by such contingencies.

You may have a person approach you to work with them offering the services that you are selling. Here you need to be even more careful about what you take on. Clarify the role of both parties and write it down. You need to know exactly what your tasks will be and what the other person is willing to take on. 

Always get it down in writing. Oral agreements leave a lot of room for miscommunication. If circumstances arise at a later date which can not be dealt with easily, having these written agreements will make it easier to resolve them. 

Also before you take up anything, check in with yourself. Are the new opportunities in alignment with your goals for your business as set up in your business plan? Will it be fun to take on the new challenge or will it zap your energy? Is it something that you believe in? Do factor in the amount of time it will take out of each day as well.

Don't make instance or snap decisions. Speak with a trusted friend about your worries and expectations. Also always ask for a twenty four hour period from the person offering you the opportunity before you get back to them with your answer. Don't be afraid to say NO when things seem to be tilted in the favour of the other party. You don't deserve to be left holding the short end of the stick.