How To Turn A Struggling Business Into A Success!
If your business is struggling your first step is to identify the reasons the business faltered and what assets your still have in place. Read More…
You have been through a lot. Your business has been through tremendous challenges, but there is some good news. You're still here! Be it, terrorism, recession, or global pandemic there will always be challenging times you and your business must face and conquer, and you have done just that. Now it is time to pick up the pieces, learn, and rebuild a better, stronger, more resilient business for you and your community. If your business is struggling, the first step to turning it around is to identify the reasons the business faltered in the first place and decide what assets you still have in place, if they are still of value, and if they are damaged whether you can salvage them. Here are three of the most common problems entrepreneurs encounter with a struggling businesses and some first steps you can take now to start turning things around:
Focus On Customer Value and Relationships
In this fast paced, all-things-digital world with global and economic events the stability of a business is more the exception than the rule. The process of starting a business has become quicker and easier, but the mechanisms of failure activate more quickly as well. Through social media, you can spread the good word about your businesses products and services for next to nothing. Yet, those same channels will spread news about consumers’ bad experiences even more quickly. Knowing this, use it to your advantage to find out how your customers feel about your company, products and services.
To get a sense of how your customers feel about your company’s brand, first try buying your business’s products and services yourself. Buy them in a shop or online, try them out at home, call in with a complaint, and see how you are treated. Be your own customer. Did you get value for your money? Now take this one step further and do this same experiment with your strongest competitor. The experiment may show you many areas in which your company can improve and how to do it.
Cultivate Motivation and Innovation
If you as the owner of the business have lost your way, it’s possible your employees have also. Keeping them motivated and engaged can be a big challenge, since they may have been doing the same jobs for a while now. Sloppy, lackluster customer service can quickly destroy even the best businesses. Talk with your employees: How do they get along with their colleagues and your customers? What motivates them to go to work in the morning? Listen carefully to their answers. Those whose primary concern is “paying the bills” may need your help finding new inspiration.
Very few products are so good that they can not be improved. Product development should be an endless quest for improvement of your current products and innovation of new. This process is sometimes neglected or even abandoned at an established company. When your sales seem to stagnate ask yourself and your team, does your company’s products or services need a makeover? What are the opportunities for improvement? Are your products or services relevant to your customers current needs? If you are not sure, ask your customers. This is something that you should be doing regularly to make sure you are offering what customers are looking for to buy. The answers may help you to identify what actions you need to take immediately to get your business and sales back on track.
Nostalgia Can Block Innovation
Just because your company has been around for a while doesn’t mean that it’s on track in today’s marketplace. If your brand has been tarnished by years of mediocrity, or is seen by potential customers as something only their grandparents would use, then a re-branding may be in order.
Ask your staff if you have them, and your customers what they like and do not like about their current experience in your business, using your products and services, or navigating on your website. While your company’s longevity is an asset, you need to focus on the present and the current needs and expectations of your customers.
One last word, whatever changes you decide to make, remember that your business’s best assets are your customers and your employees if you have them. Hang in there and keep sight of what inspired you to buy the company as you work to turn things around.
Something Special to Help You Get Started!
If you have never had any experience identifying potential strategic partnerships in your market before, we know that it can feel a little daunting, but we have the cure for that. To help make everything we have talked about a bit easier for you we have created a free tool for you we call our Business Growth Blueprint and you can purchase and download yours right here. If you have a different resource, that's okay. It's just important that you begin identifying and building your own partnerships. There is a lot more to it than what we can convey here, but we hope this has helped a little.
In your Business Growth Blueprint we have already done most of the work for you so all you have to do is just fill in the blanks to a few questions and voila, you have identified your first potential partnership! Strategic partnerships can be worth their weight in gold as far as generating sales and growing your business. If you would like to start generating more sales this week just click here now!
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If you are looking for more practical hands-on help we have two other resources for you. First, we have created Business Genesis and our Small Business Toolkit for small business owners just like you to help you start and grow your own successful business and meet today’s challenges head-on with confidence. You can find yours right here.
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