9 Ways to fix a struggling business.
In this article I will show you 9 ways to fix a struggling business. Since trade and industry began many businesses thrived, others battled along and many failed. Take a look at your business and take note of how you are doing: decide if you are one of those businesses that need to improve your results or if you need to fix your struggling business.
This article will help you refocus your efforts, gain direction and give you the tools and mindset to help you take your business to the next level.
There are many statistics about businesses failing in South Africa and the latest we have found paints a grave picture that makes you wonder one of two thing:
- Should I start a business, or,
- Why did I start a business.
The latest stat that I have found is this:
70% to 80 % of small South African businesses fail within five years?
Ouch… How does this make you feel about venturing into the small business world and the exciting world of Entrepreneurship? Not too positive I bet…
Its not all doom and gloom.
There are countless businesses doing very well in South Africa and this is how they do it…
- The Business Owner Drives the growth of the business
- The team understands the importance of building the business
- The business has a true understanding of their ideal customer
- Sales teams are motivated and experience the benefit of consistent sales
- Client interaction is key to keeping clients
- The power of maintaining a visible brand is well understood
- Non-Stop Marketing is essential
- Marketing Automation helps lighten the load
As a marketing consultant specialising in growing small, medium and large businesses we hear the question daily: can you help me fix a struggling business?
The answer is yes… Any business that has a market and a valuable product or service has the potential to grow but it is up to the business owner and the management team to drive the growth. Getting hold of a marketing consultant is one good step to take and the other imperative step is deciding to get behind the business to drive the growth from a top down approach.
9 Ways to fix a struggling business.
- Identify your best or top selling products and services
- Dig deep into your current and past client databases and look for past client reactivation opportunities
- Identify up-sell and cross-sell products or services that current clients may want or need
- Examine your current lead generation approach and refine it until it starts generating fresh qualified leads
- Make the buying process as easy as possible for ready-to-buy-clients
- Find the best system for nurturing clients that need extra attention before deciding to buy buying
- Approach your business as if you were a client and take note of the experience
- Plug the holes and build a better client experience
- Complete your Growth Potential Assessment to uncover additional growth opportunities within your business.
Growing your business is within reach if you want it….
Every business needs to grow and work hard at building sustainability but not all business owners, managers or staff want the growth. Growing a business comes with extra stresses and responsibilities that if not prepared for often do more damage than good. However, the stress of a struggling business is often far greater: salaries and debts to pay, rent and other burdensome stresses. Choose the stress you want and you will find that although challenging growing and fixing a struggling business is very rewarding.
So if you decide to grow your business, which you should, be prepared for the growing pains that accompany growth. You will find that these pains often come from staff (or yourself) that have become comfortable with the status quo and do not adapt well to increased pace and a higher set of goals.
Initiate a business growth strategy to fix a struggling business.
- Translate the benefits of growing to all stakeholders, staff included as they are instrumental in the growth.
- Restructure where necessary: this may mean moving staff around and if necessary out.
- Verify your revenue streams: enhance the highly profitable ones, maintain the day-today money spinners and get rid of the time wasters.
- Attract the right latent: the right staff are key to a positive representation of your brand
- Define your key growth indicators in order to measure successes.
- Celebrate successes no matter how small.
Now it is up to you…
Decide if you want to grow your business and then do everything it takes to reach the top…