How to Re-energize Your Business

In 2005, Chris Clemans' woodworking business was in a rut. Operating out of a small, rural town in the Adirondack Mountains in New York state, Clemans had maxed out his business's potential; there was nowhere to go, and no more customers to find.

He realized that to expand, he didn't just need to move the company; he needed to change how he did business. With the help of advisors at the local U.S. Small Business Administration's Small Business Development Center, Clemans created a new business plan. He moved two hours south to the far-more-populated Syracuse, changed the company name and logo, and invested in new, advanced woodworking technologies.

He found that with better technology and a better location, demand went through the roof. Now five years at his new location, Clemans' company, CabFab, has tripled its gross revenue and hired an additional seven employees. In 2008, it was named Modern Woodworking magazine's Small Shop of the Year. His business is booming.

Every business falls into a slump or gets stuck in a rut. Ups and downs are just a part of how companies, people, and the economy work. And a slump isn't the end of the world. Once they start, they're not entirely out of your control. In fact, slumps can provide owners with much needed motivation to make major changes. Clemans didn't just get out of a rut. He used it as an opportunity to completely reinvigorate his company.

Here are some suggestions on how you can do the same:

• Reorganize: Sometimes it's the mundane tasks that bog you down the most. It never hurts to find more efficient and effective ways to organize your staff and business structure. For Clemans, that meant shifting accounting responsibilities to his wife, who quickly streamlined the company's finances, which allowed Clemans to focus on the creative side of the business.
• Change location: A change in location could improve your visibility and access to customers. Sometimes it's just a move down the block where there is more foot traffic. Other times, it means a move to a new city. Make sure you clearly understand potential risks and rewards before making such a big decision; relocating can be prohibitively expensive.
• Introduce a new product, or change your current product: Introducing a new product is risky, but it also has the potential to bring in new revenue streams, re-engage your customers, and alter your business's image. Subtle improvements to existing products can have the same effect.
• Improve your brand: Small tweaks to your company image can have major effects on the attitudes of your customers and employees. Redo your website, or try a new marketing strategy. If you don't use social media such as Facebook or Twitter, now would be a good time to start.
• Trim down: Sometimes the hardest thing for your business is the best thing. If you're in a slump, now may be the time to let problem employees go and bring in new people. But be careful; the last thing you need is poor morale because of an unfair firing.
• Educate yourself: Clemans went to the SBA, which has Small Business Development Centers in all 50 states, to get professional advising at no charge. There are many ways to learn about running a business. Take night classes in management at a local university or community college; start and maintain a business or motivational reading list; check with your local Chamber of Commerce to see if there are networking events. Do whatever it takes to open your mind to new sources of knowledge and ideas.
• Rest: Your body needs rest and so does your mind. Mental exhaustion will sap away the creative energies you need to re-energize your business. So get out of your routine; give yourself a vacation. If you can't take a full day, then go for an afternoon hike, anything that clears your head.