How To Turn A Struggling Business Into A Success!

13 Aug

Small Business Academy Texas

If your business is struggling the first step to turning it around it to identify the reasons the business faltered in the first place and decide what assets your still have in addition to the brand name and whether you can salvage them.

Here are three of the most common problems entrepreneurs encounter with a struggling businesses and some first steps you can take now to start turning things around:

1. The Company’s Focus is on Branding Instead Of Customer Valuearticle-page-main_ehow_images_a07_no_8o_steps-greeting-customer-800x800.jpg
Just because you have been in business for a while means nothing if your company does not consistently provide the finest quality, most consumer friendly, the most dependable products or services at competitive prices and back up your goods with exceptional customer service.

In this fast paced, all things digital world, the stability of a business is more the exception than the rule. The process of starting a business has become quicker and easier, but the mechanisms of failure activate more quickly as well. Through social media, you can spread the good word about your businesses products and services for next to nothing. Yet, those same channels will spread news about consumers’ bad experiences even more quickly.

To get a sense of how your customers feel about your company’s brand, first try buying your business’s products and services yourself. Buy them in a shop, try them out at home, call in with a complaint, and see how you are treated. Be your own customer. Did you get value for your money? Now take this one step further and do this same experiment with your strongest competitor. The experiment may show you many areas in which your company can improve.

complacent employee2. You As The Owner Or Your Employees Have Become Complacent
If you as the owner of the business have lost your way, it’s possible your employees have also. Keeping them motivated and engaged can be a big challenge, since they may have been doing the same jobs for a while now.
Sloppy, lackluster customer service can quickly destroy even the best businesses.
Talk with your employees: How do they get along with their colleagues and your customers? What motivates them to go to work in the morning? Listen carefully to their answers. Those whose primary concern is “paying the bills” may need your help finding new inspiration.

Very few products are so good that they can not be improved. Product development should be an endless quest for improvement of your current products and well as the innovation of new.

This process is sometimes neglected or even abandoned at an established company. When your sales seem to stagnate ask yourself and your team, does your company’s products or services need a makeover? What are the opportunities for improvement? If you are not sure ask your customers. This is something that you should be doing regularly to make sure you are offering what they are looking for to buy. The answers may help you to identify what actions you need to take immediately to get your business and sales back on track.

3. Nostalgia Blocks Innovation solar-small-business.jpg
Just because your company has been around for a while doesn’t mean that it’s on track in today’s marketplace. If your brand has been tarnished by years of mediocrity, or is seen by potential customers as something only their grandparents would use, then a re-branding may be in order.

Ask your staff if your have them, and your customers what they like and do not like about their current experience in your business, using your products and services, or navigating on your website. While your company’s longevity is an asset, you need to focus on the present and the current needs and expectations of your customers.

One last word, whatever changes you decide to make, remember that your business’s best assets are your customers and your employees if you have them. Hang in there and keep sight of what inspired you to buy the company as you work to turn things around.

If you could use a bit more help please feel free to go to www.AlexzandraD.com and sign in for a free video series “How to Get More Customer and Grow Your Business. It is full of great ideas and step by step instructions on how to turn your business around quickly using primarily the resources you already have on hand. Being successful in business is not about working harder. It’s about working smarter and I will show you how with real life examples from myself and my clients. So click here now! www.AlexzandraD.com.

In the meanwhile, I would love to hear your stories!

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