Is Your Business Failing? Here is How to Turn Things Around

Is Your Business Failing? Here is How to Turn Things Around

Anas Bouargane 07/10/2019 5

Being in the business world can be tough going. Especially when things don’t seem to be going as smoothly as you like. The main thing that can be hard to notice or admit at times, is that the problem could lie with you. Sometimes having the passion for your business doesn't shine through in other areas that require your attention. This is where businesses can fail. But that doesn't have to be the end of the story. 

You are confident with your product or service, and your ambition hasn’t changed. So what can you do? This is where you can look at alternative areas of focus for your business and try some different methods. It could mean that you begin to focus on different areas that you may not have done before. But trying to revamp your business could give you a second chance to re-launch it into a success. With that in mind, below are some top tips to help you turn things around.

Image source - Pixabay - CC0 License 

Re-Design Your Brand

Sometimes re-designing your brand can give it a new lease of life. People become aware of company logos and brand image, especially if a customer has had a recent bad experience. Which is why changing the branding could give your company a new lease of life. You could consider a new logo, or perhaps change a colour scheme that you have. This is something you have to think about when it comes to company uniform, how your website looks and also any marketing and advertising literature. It’s your chance to re-launch yourself with a brand new image. So take time to make the necessary decisions and think about what you want. 

Could Your Employees be Letting You Down?

Sometimes you need to be in a position to admit that your employees could be the ones that are letting your business image down, and also causing issues when it comes to productivity. Expanding and getting to the point where you need to hire staff to take on roles that are specific to your business is an exciting time, but these people also need to be able to do the job well and correctly. Sometimes it can be simple processes that can make the difference, other times a look into areas of improvement for employees could highlight some of the changes that need to be made. Often you will find that the processes you can implement, changes that you can make to the workload and also simple factors like being a more approachable leader can make a massive difference to your business output. 

Be Aware of Current Financial Affairs

Perhaps things seem to be failing because of the financial aspects of your business. Maybe you didn't have as much involvement as you would like. Or perhaps you weren’t as clued up as you should be when it came to the facts and figures. But businesses need a decent budget to remain working forward and to get more successful. Which is why it’s worth it to you to be more aware of these going forward. If you are not too familiar with some of the systems or software your business uses now is the time to get ahead. Not just in regards to managing budgets but for many other things going forward. It is also a good idea to stay ahead of different news trends, financial headlines and also current affairs, as these can affect your business in different ways, such as logistics and importing, for example. 

Utilise Social Media to its Full Potential

Social media is one of the biggest things many company owners or business providers don’t take advantage of enough. But this is your link to the customers, both existing and and new. This is a chance to engage with them and advertise with very little investment from yourself. Social media can be huge for a business and can make it feel more approachable and personable. People buy off people after all. You don’t need to be on every single platform on offer. But focus on some of the bigger ones and do them well. Then you can expand from there should you think you need to. Platforms like Facebook and Twitter tend to be the most popular at the moment. Facebook have some great features where you can include live video streaming. This could be a huge advantage to your business. You may also want to consider Twitter sales or discounts, along with giveaways which can be hugely successful online. These promote engagement and give you a chance to increase your followers. But not only that, it is networking on a whole new level. Everything these days can be online based, which included your online profile. So take advantage of that and invest some time into it. 

Focus on New Technology 

If your business needs a boost, then why not switch your focus on to something new and exciting. Considering setting up an app would be a great place to start. Many peoples lives revolve around their smartphones. Their heads may be in their phone looking at the latest news, checking out their social media or looking for new business. Many people shop via their phones these days and a lot is done through an app. So why not set one up for your business and try a new approach when it comes to marketing and selling. It could be one of the best things you do. 

Image source - Pixabay - CC0 License

Try Something Different 

If you are looking to market your business in a completely different way then something that businesses are testing out is the power of Youtube, an online social media video sharing platform. This is where people create videos on anything. It could be a mother sharing her days helping other mothers not to feel so bad. It could be someone teaching you how to use your new Canon camera. This is where your business could tap into a whole new way of advertising a product. It might be asking people to review a service, or showcasing some behind the scenes footage. Maybe even tutorials and “how to’s” when it comes to your products and services. Think about how you can utilise the power of video and make it work for you. 

Try Some Alternative Marketing Strategies 

Marketing is a big thing when it comes to re-launching your business. Especially if you plan on it being a success. This is where you need to think outside the box and try something different. Perhaps you could focus on your local area and branch out from there. Considering associating your business with local charities through sponsorship. You could arrange events where your business raises money for that charity or for the local community. Everyone wins as the charity gains exposure and your business is exposed to potential new customers and clients. But it doesn't have to stop there. Think about your own employees. These are your brand ambassadors, use them. You could offer employees a discount. This is where outside of work they could advertise your product and service. Showing passion and confidence. 

Be the Motivator and Leader to Drive your Business Forward

Finally, be the motivator and leader. Sometimes it is easy to become negative when things go wrong. But think back to why you started in the first place. This should always be a motivator to pick yourself up and work on how you make this be a success and not fail. Your leadership is important for driving the business forward. Your employees will look up to you. Whether that is two or thirty people they need to see your passion. People not only buy off people they like and trust, but the same can be said for working for someone. Get the right team around you and you can go far. 

Let’s hope these tips help you get a business back on track. 

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  • Arianna Harris

    When making changes,it is imperative you are straightforward.

  • Callum Mills

    Make sure everyone is on the same page by creating a common vision.

  • Scott Bowen

    Real sustainability takes time.

  • Andrew Jenkin

    Culture plays a huge role in creating excitement around your vision.

  • Jimmy Swan

    Major investments in technology can lead to long term success.

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Anas Bouargane

Business Guru

Anas is the founder of CEF Académie, a platform that provides guidance and support for those willing to study in France. He previously interned at AlphaSense. Anas holds a bachelor degree in applied economics from the University Paris Sud.

   

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