Reevaluating Your Strategy

At some point during your business venture, you may find that things are not going as you had planned, or hoped. This can be frustrating, but it can also be an opportunity to reevaluate your business plan, take stock of where you are versus where you want to be, and make any necessary adjustments in order to better address your market.

Try to be sensitive to the concerns of your customers. You can’t change things for the better if you don’t know what people view as the problem in the first place. Chances are, if you actively seek out feedback, the information you receive will be invaluable as you refine your strategy and focus. In general, there are two ways to go: you can find out what your customers need and give it them, or you can create a need for what you have to give them. The thing is, these can turn out to be the same thing. Your consumers may know what they want, in a general sense, but still not have a totally clear idea of what product or service could give them that. The trick is to provide it in a way that is not already available—or to make something that is already available cheaper, faster, better, more accessible. If you realize halfway through the semester that the exact same thing you’re marketing is already on the market for half the price, think about what else you might do to distinguish yourself from the pack.

Flexibility is one thing that can help make a good business a great business. What you have to remember, though, that this is an ongoing process; if your product isn’t selling as well as thought it would—or think it should—there is still time to make changes. Is your current market saturated? Do people know about your product or service? Are there other consumer bases you could potentially sell to? Keep asking yourself these questions throughout the semester. If one strategy just doesn’t seem to be working, don’t be afraid to try something new.