Has your business hit the proverbial brick wall? Regardless of how far along you are as a budding start-up or experienced business, we’ve all hit problems and the roadblocks to better progress to the next level. The signs of a struggling business includes declining revenue, lower customer retention, higher employee turnover, and decrease in product/service quality. So what can you do to effectively revive your company?
Take the First Step
You need to reevaluate the situation you are in. So look at the key aspects that you feel are severely lacking in your business, for example, the business strategy. Do you feel the business has a clear direction anymore? Do you know why the business exists in the current market and does it solve any problems for customers or any gaps in the market?
If you feel that your business needs a lift, these might be the right things to change. From there, you need to look at the people. Do you have the right people running the company? Are these people committed to the success of your organisation, and are they actually incentivised properly to do what they can for your business?
Motivation is a massive part of why people work well — remember that!
Are You Surrounding Yourself With The Right Tools?
Productivity is a massive part of why businesses can go down the pan quickly, so if you’re not able to make the most of the tools you have, it might be time to re-evaluate and to bring in better ones. Whether this is using better technology and network support services to help prevents catastrophes occurring on a technological front especially if you have been suffering from a lot of system issues recently.
The right IT company can give your productivity a big facelift, and it’s also vital that your staff and workers are working with the right tools and while it’s a cliché that a shoddy workman blames his tools, you do require the most up-to-date technology for your business to succeed.
Read also: MasterCard Remakes Its Well-known Logo for the Digital Era
Does Your Business Require Rebranding?
As we all know marketing is a massive part of the success of every business. If you’re not able to market ourselves effectively to the right demographics and target market, this might be the reason your business is lagging behind.
If your business is dying a slow death it can have a big impact on your brand and customers will start to lose face in your brand, and their trust in what you are able to achieve will wane as negative word of mouth spreads faster than wildfire.
So you don’t need to necessarily make a complete change in how you present your brand, this really needs to be a last resort, but if you can give your business a new brand identity with some new marketing strategies, this will help to present a new and more dynamic image which then will instigate more customer interest.
So take the right steps to evaluate, check your tools, and check your image before all hope is lost!
Keeping your business running smoothly is enough of a challenge as it is, so how can you tackle that task when you’ve got to step out? Be it a business meeting, dinner with investors, scouting out a new location or even just a holiday, here are some ways to ensure that your business can stay focused and on-schedule even when you’re not around.
Have employees you can trust in
There are many advantages that come with employees who go the extra mile:
- Building trust in them allows them to trust you as well. Remember that it’s a two-way street, and if you want to leave your business in capable hands then you need to establish a solid working relationship with your staff
- Fewer chances of arguments between staff mean that there’s less chance of a serious situation happening that could leave your workforce divided or with a key member of staff leaving
- Giving your employees autonomy can only be done once you have trust in them. Giving them the freedom to do what they want can also contribute to their motivation. This is because they’ll feel like they’re actually part of your team, not someone that just blindly follows orders when asked to do something
As you can see, having employees you can trust will give you a huge advantage whenever you need to be away from the office. Start building up a good relationship with your staff and you’ll find that you can run your business effectively with very little input.
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Consider what services you can use to make it easier
If you’re a small business, then there are plenty of ways to add some autonomy in your business to make it run without you actually being there:
- Consider using an answering service if you don’t have enough employees or the money to have a receptionist. A business answering service is relatively cheap to add on to your business expenses and it’s a fantastic and cheap way to forward messages to you when you’re out. This is a lot better than asking an unqualified employee to do it because they could give whoever’s calling a bad impression or false information by accident
- Working from the cloud is a popular way to access your work and office from almost anywhere. Since you can access documents online, you can check on the progress of your staff and how they’re doing with their projects. This also opens up many more advantages that can be utilised in the future, such as an easy-to-use continuity plan in case your storage devices fail and the opportunity to collaborate with freelancers and outsourced staff
- Establish a method of communication by using apps such as Slack or Skype. By staying in touch with those at the office, you’ll have peace of mind knowing that you’re not in the dark when something happens or if your assistance is needed
In short, it’s fairly simple to keep your business afloat when you’re not in the office. With a mix of technology (assuming you know how to use it properly) and a healthy working relationship with your staff, you could reach a point where you don’t need to contribute much and still have a stable business.
Nothing ever stays the same, which is definitely true in business. If you want to attract new customers and keep loyal customers coming back, you need to be willing to try new things every once in a while. Your industry is constantly evolving and generating new developments, so your marketing strategies need to reflect that change in your business; people like having the latest thing, so you must always make your services feel like new, no matter how long you’ve actually been in business.
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Find your niche
Competition is both good and bad for your business. It’s good because that means there is definitely a market for your services, and you’re always encouraged to make your product more interesting. It’s bad, because the more competition you have, the harder you have to work to stand out.
Say, for example, your business is focused on the education industry; you have a wide market, there is a need for your services, and you can cater to a range of subjects, target audiences, and skills. In terms of business ideas, you have a lot to work with, but you will need to present yourself as the best option out of thousands of competitors. To accomplish this, you need to find your niche; don’t be something for everyone, focus on one age group, one skill set, and a handful of topics.
You can learn more about education marketing at MarketingWorks and find out how to market your education business to the right people. But no matter what your business is, you need to establish your niche and center your marketing around your target audience. The more they identify with your product or services, the more likely they are to become your customers.
Unlike online ads, content marketing is an ongoing process that fits into any marketing plan. One of the best ways to convince people to use your services is to establish yourself as an industry expert. If you’re trying to sell people business strategies to boost their online presence, you need to show how you have been successful in doing the same.
Blogs are a good way to do this, because they are digestible articles of information, and they work best if there isn’t a lot of jargon in them. However, vlogs are becoming increasingly popular because the creators can inject more of their personality into the content, and some people respond better to a more visual presentation.
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Engaging with your target audience is the foundation of good marketing, and chatbots are now changing the format of these conversations. Recently, you could include contact details in your website, such as an email address, a link to your social media page, or even a phone number. But customers always had to wait a certain period of time to receive a response. Customer feedback is an essential part of improving your services, and chatbots have made it possible to receive instant feedback from customers, and for them to receive instant responses to their queries.