01 Dec Is Your Business Failing? Here Are 6 Secrets to Success
Starting up a business takes not just time and money, but also a great amount of personal sacrifice and dedication. You put your heart and soul into your startup, and watching it begin to fail can be gut-wrenching. But even if things look grim right now, there are still actions you can take that will pull you out of the spiral and turn things around.
Take a look at these six secrets that will help you climb out of the hole and get you back on the road to success.
At the end of the day, it’s your employees and partners – and yourself – that drive your business. Sometimes a business fails because it has the wrong people – or more likely, the right people in the wrong places. You may need to make some tough choices.
Take a hard look at everyone in your organisation. Seriously evaluate their skills and talents. You may find that you have people working in sales who would perform better in design, or a gifted salesperson wasting away in a warehouse. Move them around so that they can maximise their talents. If you find that your workforce is suffering from low morale, find the root cause, and address it. And if you have poor employees dragging down performance, cut them loose – you’ll save money and improve your organisation.
It sounds counter-intuitive to ramp up marketing when things are looking down financially, but the reality is that if you can’t connect with your customers, you’ll never rebound. Now is the time to reach out in any way that you can. Consider low-cost strategies like social media and email marketing to save some cash, but don’t be afraid to spend if that’s what it takes.
No matter what kind of business you own, you have to be willing to change with the times and introduce new and innovative products or services. If you don’t, you’ll eventually become irrelevant. If it’s been too long since you added something new and innovative, it’s time to start getting creative.
While a lack of innovation is a problem, too much innovation can be a problem too. You may be trying to do too much, and not giving any of it the attention it deserves. Figure out what you do best, and focus on that. Keep new innovations within that niche. You don’t need to be a jack of all trades – aim for being a master of one.
Is your start-up still running out of your home or the cheapest office space you could find to rent? Is your teenager the one answering your phone and handling your appointment book? You may need to make some upgrades – clients will feel more comfortable with you if your business looks polished and successful, even if you’re still finding your way.
Not only this, but your employees will benefit from a well-chosen office space that’s fully equipped. Productivity will heighten if they’re in an environment that’s easy and comfortable to work in. They’ll also have greater respect for you as a manager as it shows you’re looking out for them.
Sometimes the obvious solution really is the best one. A business with plenty of cash on hand is not a failing business – if your business is failing, it’s because you’re running out of money. No one wants to throw good money after bad, but sometimes a temporary boost from an infusion of cash is all you need to get back on track.
Consider ways to raise cash without going into debt first – tap your personal savings, sell off an asset, reduce operational costs, or renegotiate your contracts with vendors. You may also want to try updating your current payment system. If your process for making payments is slow and has constant errors, it could be the reason for your downslide. Take a look at automated Bacs payments software for your business which could help get you back on track. There’ll be no more delays in payments, you’ll free up time and everyone involved will be far better off.
Don’t let flagging sales paralyse you – the only way to revive your business is to act. Strategic thinking and bold action can often pay off in a big way.