Are you struggling with a failing business and wondering how to jump start it again? Worry less, help is on the way. According to Forbes, 8 out of every 10 businesses fail within the first 18 months. One of the reasons cited as the cause of most failed businesses is a breakdown of leadership.
The downfall of one’s business is not tied to one factor but a collections of different areas of the business that were ignored for a long time. For you to rectify the problem of your business that is heading south, you should first identify the cause.
Let’s go through a couple of short-comings that your business might be experiencing.
- Undefined Purpose
The foundation of your business matters a lot when it comes to sustainability. Therefore if you started off without a clear vision, the speed of failing would be high.
Remedy: Go back to the drawing board, redefine your business and fill in the missing item [s].
- Neglecting Customers
Customers are a very essential part of your business because they determine your sales and growth. Ignoring their needs, demands and complaints will only lead to disaster as they will gradually lose interest in your business and move on to your competition.
Remedy: Treat every customer special and give them a listening ear. Give them freebies, send them emails, text messages, and make them feel loved, appreciated and remembered.
- Jack of All trade
In as much as diversifying your business seems like a smart move, it’s always nice to have a specific brand identification, especially at the early stage. If you are known for selling clothes for both male and females, it will be weird for your clients to see food stock and bags of cement in one shop. If you are looking at branching out, let it be within the same field. For instance, adding baby wears, make up, hair and lingerie in a boutique doesn’t seem like a bad idea.
Remedy: Be known for one thing and after the business has stabilized and is successful, branch out strategically.
- Lack of upgrading
Reinvention is a good way to keep up with the times and stay ahead of your competition. In recent times, a good number of small scale businesses have gone digital and are constantly putting out their service/product on social media. Why then should you stick to an orthodox way of advertisement?
Remedy: Always stay up-to-date. Upgrade your services, delivery, customer relationship and even staff portfolio. It won’t hurt if you send your staff on a training course every now and then.
- You Can’t Handle Growth
Some small business owners do not envisage fast growth and so when it occurs sooner than expected they begin to struggle in keeping up with the new status. If you’re not prepared for the strain your servers will experience, the number of sales to process, or the flood of customer service calls, you risk seriously harming your brand’s reputation.
Remedy: Plan ahead, make provision for unseen growth, embrace any opportunity of success you see and learn to adapt fast.
- Your Business Market Is Saturated
It’s not easy surviving in a crowded space when you have no unique selling point. For instance, you are one among 10 Pharmacies on a single street, what would you do differently to beat your competition?
Remedy: Find several other ways to sell what everyone is selling: A little market survey, customer’s preference, more free added services, and lower prices will help you stand out and boast your sales.