They say the majority of businesses fail in their first year. Aside from that, thousands that manage to survive sometimes come so close to the border that their owners may just consider throwing in the towel. It isn’t nice running a failing business, sleepless nights, long hours, and just basically a bad life that isn’t fair to live. If your business is down there is ways to turn it all around. They aren’t all encompassing, and sometimes they may not even work. They only way you can give it the best chance of success is trying your hardest. If you totally commit to everything then the chance significantly improves. The effort will be tough, and not the easiest thing to do in the world. But if your business survives as a result it will all be more than worth it. You may have thought of some of these already and maybe tried them, but try the others and see if they can in some way help you and your business. If your business is on its way down anyway you may as well try things that could potentially help you. Good luck, and never stop trying!
Get A Plan Together
Don’t Panic. First you need to get some semblance of a plan together. There’s no point in trying random things in the hope they work. You need to really try to analyse your type of business and see what you can do to make things better. Don’t follow generic guides. All businesses are different. Look at yours and assess what’s wrong. Are you spending too much on labour, are your overheads too high, have your sales fallen dramatically. Maybe it is all of them. Once you assess what it is you can act, there are many ways to do this. If you run a business that works from a website then perhaps think about getting something like the Digitalico SEO Audits. If you run a physical business you need to do something similar. Work out why people aren’t coming to you anymore or put together a plan to bring more people through your door. Those who fail to plan, plan to fail. You need to come up with something solid to stand a chance of succeeding, putting a plan together can help you in that regard. Take help where you can, but be weary of spending more money because your business may not cope.
Now you have your plan you will know exactly what’s wrong. All businesses need to cut costs from time to time, but cutting yours may either save your business or buy it some more time. There are a myriad of ways to do this. You can look at your suppliers. If you aren’t selling as much then stop buying as many ingredients of components. This applies to both online and physical companies. If you are online perhaps stop renting a warehouse where you store these and store a smaller amount in your home. Be extra careful with electricity, stress this to all of your staff. Cost cutting can be a heavily effective tool. You could potentially negotiate better rates too with your suppliers. If you run a physical business consider looking at your internet costs, compare them with other providers and make the switch as necessary. Cutting down on your monthly outgoings, no matter how small will help you in the long run and show everyone you are serious about your business surviving.
Similar to cost cutting yet deserved of its own point because of its seriousness. You may need to make some redundancies in your work force. It isn’t a nice thing to do and you really need to be careful about how you approach it. First, try to get people to reduce their hours. This may be enough in certain cases. If not, you need to make people redundant. You have to watch out because if it is unfair people can take you to court. You need to try everything else before you make any redundancies. If you do then you can logically defend your decision. Remember, along with redundancies come redundancy pay, so be prepared to pay out. Though a sad decision it is business saving as it can save you thousands a month depending on how many you cut. Just be sure it is the right decision before going ahead. Really think about it and about who ads the most to your business. You need to let go the people who offer the least. It’s not a nice conclusion to make, but you need to put your business first for any chance of it surviving. You also need to ensure you don’t jump the gun. Don’t panic and make redundancies if you think your business will recover in the following month or so. You could be left ruing your decision if you need to hire more people who need extra training than the one you let go. Be careful and look ahead. You can ride out some low numbers and a dip into your business overdraft if you know for sure you’ll have more money coming in down the line.
Change Up Your Products Or Services
You need to do your best to alternate and change up your products and services. If they are no longer selling, ask yourself why? Especially if you they used to sell before. Now is the time to get yourself onto competitor websites and into their stores. What are they doing differently. Maybe you missed the boat on a product revolution and they are selling something more advanced that supersedes your products or perhaps the services they offer are far better value for money. Whatever the issue, you need to find it out instantly, or at least rule it out. If your competitors aren’t doing anything different then you need to think outside the box. What could you offer differently. What different things could you do. Look at what you offer. Could you reduce the prices, could you increase your range? Look at your customer feedback or reviews on your products. Engage with this. Change it up. Show your customer base you are listening and that you have changed according to their will. This always goes a really long way with them. Feedback is a gift, and if you get it right you can reinvigorate what you offer and pull in customers both old and new.
Run A Promotion
Nothing brings people in like running a promotion. You can either reduce your products or services or think about something else like buy one get one free. They key is making sure they are properly advertised. You also need to ensure that you protect your profit margin. Reduce the items down, yes, but not so much that you make a loss on each item. You need to continue making a profit so work it all out and ensure that you don’t make a loss. Focus on your best sellers and think about what you could push a little more. Send out emails to everyone who has purchased from you before telling them about the promotion. Push it everywhere that you can. If you are online, get things out on social media and other sites. If you operate from a physical business then consider sending people out the street to engage with people and tell them about the money off offer. Make sure you send out your most engaging workers for maximum effect. If you run a food based business then consider sending them out with sample products. This could really pull people in. Think outside the box and do all you can to tell people about the great offers you are giving them.