https://thespectrumpost.com/

MAKE YOUR LIFE EASIER WITH THE SOLUTIONS YOU NEED DELIVERED!

How To Turn A Struggling Business Into A Success!

You have been through a lot. Your business has been through tremendous challenges, but there is some good news. You’re still here! Be it, terrorism, recession, or global pandemic there will always be challenging times you and your business must face and conquer, and you have done just that. Now it is time to pick up the pieces, learn, and rebuild a better, stronger, more resilient business for you and your community. If your business is struggling, the first step to turning it around is to identify the reasons the business faltered in the first place and decide what assets you still have in place, if they are still of value, and if they are damaged 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. Focus On Customer Value and Relationships

In this fast paced, all-things-digital world with global and economic events 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. Knowing this, use it to your advantage to find out how your customers feel about your company, products and services.

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 or online, 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 and how to do it.

  1. Cultivate Motivation and Innovation

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 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? Are your products or services relevant to your customers current needs? If you are not sure ask your customers. This is something that you should be doing regularly to make sure you are offering what customers 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.

  1. Nostalgia Can Block Innovation

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 you 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.

  1. Nostalgia Can Block Innovation

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 you 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.

 

Something Special to Help You Get Started!

To help make everything we have talked about a bit easier for you we have created a tool for you we call our Business Growth Blueprint and you can get yours right here.  If you have a different resource, that’s okay. It’s just important that you begin identifying and building your own growth strategies. There is a lot more to it than what we can convey here, but we hope this has helped a little. In your Business Growth Blueprint we have already done most of the work for you so all you have to do is just fill in the blanks to a few questions and voila, you have identified your first potential pathway to growth and success! This can be worth its weight in gold as far as generating sales and growing your business. If you would like to start generating more sales this week just click here now

 

We also have a weekly newsletter that is filled with tips to help you get up and running along with more free tools, recommended resources, and more. You can take a look here and see which one would be a good fit for youIf you have any questions along the way please feel free to reach out to us. We are happy to help.

 

Your Thoughts…

If you have enjoyed this article please feel free to pass it along to someone else who you think would also enjoy it. You can also Subscribe to have more tips, tools, and resources that you need for your business delivered directly to you each week!  We would also gratefully welcome your Donation if that is a better choice for you. 

 

Now, we have a few more things for you!  

 

Join The Fun!

You can join the fun on our  Twitter, and Instagram and share your own success tips!  We love hearing from you and read every post personally! If you have enjoyed this newsletter please feel free to pass it along to someone else who you think would also enjoy it.

Have a comment or question about this week’s post?

Let us hear from you! Post your own success stories or ask a question about how to move your own business forward to success! If you have a question about your business please feel free to Contact Us and send a personal message.

More Success Tips!

If you are looking for more practical hands-on help we have two other resources for you. First, we have created Business Genesis  and our Small Business Toolkit for small business owners just like you to help you start and grow your own successful business and meet today’s challenges head-on with confidence. You can find yours right here.

Small Business Toolkit

Business Genesis is a Step-by-Step Online Training Course That Shows You How to Start, Grow, and Market Your Own Successful Business Doing What You Love!

Everything you need to guide your very first steps is laid out for you in simple , easy to understand and organized modules with easily accessible lessons.

Business Genesis shows you exactly how to create financial security and build your brand and customer base, shows what works in marketing your business to the world, and guides you how to leave a legacy of success with tips and tools to help you build financial security and positive impact on your local and internet community.

You can finally enjoy the freedom of doing something you love and generating an income you can actually live on. Get Started Now! 

f you could use a bit more help please feel free to Contact Us with your comments or questions. Being successful in business is not about working harder. It’s about working smarter and we are hear to help you do just that. To help you in a very practical way I would like to suggest you download your personal copy of How to Attract More Customers and Grow Your Business. It is a pretty quick read and I have done my best to load it with as much practical and useful guidance as I could to fit just about any type of business. It available for an instant download and is an easy read even on your phone.

n the meanwhile, I would love to hear your stories! Post them below with any questions you may have. We read everyone and answer each as quickly as possible. You can also join the chat with other business owners just like you on our Twitter chat. We would love to see you there!

 

RELATED ARTICLES

 

How Bio-Design Could Save Your Business!

7 Tips for Increasing Your Cashflow and Growing Your Customer Base!

How to Make The Most of Any Economic Climate!

7 Tips To Turn Your Struggling Business Into a Success!

3 Key Business Tips That Could Save You Money and Generate More Business!

How to Integrate Your Business Into A Business Cluster!

3 Insider Tips For Building Key Business Relationships!

How To Keep Your Business Financially Strong!

The #1 Way to Become Successful!

How Traditional Retail Business Can Succeed With Online Retailers!

How To Turn A Struggling Business Into A Success!

How to Turbo-Charge Your Success Through Strategic Partnerships!

7 Ways To Make The Most of Working Remotely!

Relationships Vs Business During A Crisis

How To Create A Positive Impact On Your Community!

3 Reasons What Your Business Creates is Vital To The World!

How To Become a Successful Entrepreneur in 2023 and Beyond!

How Innovators Will Succeed Over Disrupters!

5 Ways To Grow Your Customer Base!

6 Simple Steps to Keep Your Customers

Coming Back and Buying More!

How To Build Multiple Revenue Streams For Your Business!

5 Simple Steps to Turn Your Business into a Success Without Spending a Fortune!

How To Grow Your Business Without External Debt!

9 Tips for Growing a Successful Business!

3 Tips To Effectively Grow Your Customer Base!