Owning a small business can be challenging if you don’t have enough man-power money to hire specialists to consult with. Small businesses can, by definition, range in size from 1 to 1500 employees. Depending on where your company falls within that range, resources might be limited. If you think your small business is stuck in a rut, whether it be that the physical location be outdated, customer service isn’t at it’s peak, organization is lacking, or you’re just fresh out of new ideas, there are ways to revive your small business. While each suggestion won’t match your specific needs, it’s important to think outside the box and consider all options.
Rebranding is a technique you may want to save for the last option. You’d consider this if your competition is simply pummeling your sales. In order to rebrand, you’re going to have to change the way that customers and potential customers view your company. Changing your logo will be a good start, but your marketing, advertising, and potentially your actual product might have to adjust too. The goal here is to get people thinking about your product or service in a completely different light, hopefully giving you a fresh start.
Adopt inventory management
It’s possible that the problem isn’t what your customers think of your product or service, but rather how the operations behind the scenes are being run. You could have some of the best employees out there, but without a system, things tend to fall apart. Inventory Apps are a great way to solve this problem. Apps like Sortly provide a visual for employees in order to track asset details and customize entries. The tracking system will allow you to spend less time inventorying and more time worrying about your business.
Re-create your marketing plan
Depending on the size of your company, you might have a marketing plan in place, or you might just advertise in the local paper. Either way, if you’re having troubles bringing in new clients, you might need to put some more effort into your marketing strategy. It’s good to look at how much certain marketing channels are costing you and what the return on investment is. If you find that certain channels are doing nothing for your business, it might be time to reallocate those funds. If you’re not on social media yet, you might want to look into that.
Unfortunately, if you find out that your employees are the source of the problem, you’re going to have to do something about it. Unmotivated employees can put a real damper on your company’s success because they have no reason to work hard and abide by company policy. Before firing employees, you could try asking for their opinion on how you can make working more productive. If their requests can’t be met or are unreasonable, you may need to look for new workers. If your business involves a high amount of customer service, you need people who are enthusiastic, quick on their feet, and know enough about the company, industry, and product to do their job well. Poor employees can drive customers away quicker than most other issues.
This option could potentially cost a considerable amount of money, so you’re going to want to make sure you’re in a financial position that can carry the change. If your company is a resturant, storefront, deli, hair salon etc. where people come in and spend some time, atmosphere is important. You might just need to give it a good paint job, or if things are really bad, gut it and start new. When you’re done with this, you can have a grand re-opening, something that will hopefully attract new clientele.
A failing business is as good as the owners and workers ideas and ability to execute on them. Before things get too bad, it’s a good idea to outline the many options on how to revive it. If all else fails, consider selling!