When we go into business, we don’t envisage it failing. We stride into setting up full of enthusiasm and brimming with ideas. Typically, we are prepared for the hard work at first, and while we understand that there are potential risks involved, our focus is on the positives from day one, always looking forward, and avoiding looking down.
But what happens if things don’t go the way you’d hoped? You may feel as though you’ve put in a great deal of effort in, and the lack of progress can be frustrating and demoralizing
When the warning signs appear that your business may not succeed, you need to act fast and work hard to keep afloat. You will need to change your tactics and potentially review your whole business model.
Identify The Problem
If things haven’t gone the way you planned, why not? If there is a lack of customers, what have you done to attract customers, and what resistance have you found in bringing new people into you? Is it an issue with your location, is your brand competitive with others offering similar services, and do you have something unique to offer?
Ask questions of your existing customers, and if possible get out and do some market research. Often social media is an excellent place to get out and gauge opinions.
Create A New Action Plan
Once you’ve pinpointed the root causes of your issues, you can then start coming up with solutions. But you do need to be clear on why you are not attracting people to your business.
Create a new business plan that attacks the heart of the problem. You will need to factor flexibility into your planning and to continually review and adapt your new plan until it works.
Admit Your Limitations
It might well be that the areas you’re struggling in are not things that you are experienced in. Very often, when we start a new business, we can be protective over our brand and want to get as much of the work done ourselves.
There may not have been the budget for external help. However, if you’re business is suffering because of your lack of experience in a particular aspect, look at paying for the support you need. This is a long term investment that will ultimately help you grow. Hire an ad agency if you need to raise brand awareness, and attract new customers through your doors.
Look At Ways To Streamline
If something is not working in your business, and it costs you a great deal to offer it, think about stopping it to reduce costs. Focus on driving the core aspects of your business where the most profit is. Get these right first, and think about the additional elements late.
In business, you cannot afford to be precious about your ideas. You may be very attached to a plan, and have received great feedback from customers, but if it’s losing you money for whatever reason, then its existence needs re-evaluating.
What are you doing to stop your business from sinking?