In the first five years of launching a new business, more of those businesses fail than succeed. There are many reasons for this, with a lack of planning being one of the leading causes of business failure. When a business is starting to show signs of failure, the immediate response is often to start slashing costs, but that can lead to a drop in standards too. The key to breathing new life into your stale business is not to start making immediate changes, but to look for ways to get that jolt of energy back that you may be lacking due to the stress of business management. Here are steps to take that may just transform your potential to still be trading five years from now.
A Complete Overhaul
If you have realized that there were some serious mistakes made in the early days of your business launch, you may have to change direction completely. Simple errors, like misunderstanding who your target customers are, who is more likely to use your product, or even regarding the product itself, are very easy to make. Those mistakes can be rectified by making some basic changes to your business model, or even looking for an entirely new revenue stream. There are established and well-known brands that are famous today for something completely unrelated to their original business launch, so don’t assume that a dying business is unsalvageable.
Branding is more important than ever in a connected world, but most entrepreneurs with a stale business will overlook how effective rebranding can be when it comes to breathing new life into a business model. If you want to jumpstart your company, then rebranding can quickly become the solution if it’s managed correctly. You aren’t going to be able to get away with changing your color schemes or the design of your company logo. Instead, you’re going to have to look at your market position, consider where you want to be and what you want to be known for, and rebrand yourself for maximum effect. Learn how to rebrand properly, and your business model could be transformed a lot quicker than you might think.
Outsourcing the Essentials
When a business is struggling, the temptation is often to slash spending, but that can be a mistake. Outsourcing is a hugely valuable option to consider because it gives you professional skills and experience without having to learn everything yourself. Simple tasks like marketing can be very difficult to learn the ins and outs of, and specific challenges like marketing on Amazon can get very complex very quickly. Look at your needs, and those areas where you lack experience or knowledge, and use options such as a dedicated Amazon Agency that will take over those tasks that leave you feeling lost.
Trim Your Inventory
If you run a restaurant with a thousand meal options or a small local store that tries to cater to everyone, then you will have a lot of your available budget tied up in stock. For an already struggling business, every cent counts, so it’s time to take a closer look at your inventory. Check your most popular sales items, and make sure that you always have those available and in stock. For food establishments, this might mean losing many of your low-selling food options and focusing on your bestsellers. This can also be the key to rebranding. If you’re selling more pasta dishes than anything else, then that’s an indication that those pasta dishes should be the centerpiece of your brand.
There are more tech options available for modern entrepreneurs than ever before, and you should be making maximum use of them. Automation tools are vital because they cut down workloads and wasted time, leaving you free to focus on other tasks. From accounts to inventory management, there are software or app options that can be used that will completely change the way that you work. Even minor but time-consuming actions like designing a rota can be fully automated and updated in real-time as needed. Keep up to date with the latest tech trends in your industry and make sure that you evaluate their value to your business. The right tech at the right time and in the right place can turn even the most last-gasp businesses around.
Be Online More
The internet is a double-edged sword for entrepreneurs. While it can be amazing for a lot of reasons, it can also be a huge time-waste that has very little impact on sales figures. However, a digital presence is more important than ever, no matter what your business is, what industry you’re in, or your size. Social media alone can be transformative when it comes to building relationships with loyal customers, so take the time to learn a little more about how to use your social media pages as a business owner. Engagement is the key, so respond to comments, learn more about what to post (and when), and take feedback seriously. Of course, always act professional and remember that there are living, breathing people on the other side of the screen, so always act as the face of your business at all times.
Sell Your Business
Not every business can be turned around, and not every entrepreneur wants to put in the effort to breathe life into a stale business model. The good news is that there are going to be people who do have that drive, and they will be very interested in a business that has inventory or even a small but loyal audience. If you’ve had enough of struggling to keep your business afloat and you have a thousand other ideas that you’d rather explore, never forget that you can always start looking around for buyers. You might not make as much cash as you would by selling a hugely profitable business, but it’s often worth taking less money just to eradicate the stress.
The future of a business is never certain, but the more that you plan and prepare, the more likely that you can take even the stalest business model and turn it around. Always consider every option available to you and consider your next steps. Whether it’s a complete rebrand or a more dedicated approach to outsourcing, your business might have a lot more years of life in it yet.