Eight out of ten businesses fail in first few years of their development. This statistics sounds scary, but it also gives us the chance to realize our business’ weaknesses and correct them before they lead us to bankruptcy. In this article we will give you several useful tips that will help you to bring your faltering business back on success path.
Relay more on customer d emand
Many business fail because there’s no adequate customer demand for their products or services. Entrepreneurs often tend to launch products and services, based on their taste and needs, instead of market research results. If you too fell into this trap, only way to get out is to do a competent market research and adapt your offer in accordance to its results.
Find new investors
Investors bring funds, but they also bring fresh new ideas. They are usually skillful in recognizing and adapting good ideas and turning them into market success. One of the best known examples for this claim is the case of Tesla, where Elon Musk who was investor at first, turn this alternative car manufacturer into one of the most famous and most profitable companies in automotive industry.
If you want to present your company to investors in the best way, you will need to improve your demonstration and negotiation skills. You will also need a superb business plan and lots of free time to visit different kinds of investment conferences and hubs.
Reevaluate your brand
Brand reevaluation will bring your products or services back to consumers’ spotlight, and it will definitely revive your dying business. Unfortunately brand reevaluation is not a simple process and it includes several separate actions, including:
- Assessing brand’s strengths and weaknesses;
- Reevaluating target market;
- Determining and increasing major customer benefits;
- Creating a compelling story, complemented with great visuals and design;
- Making brand viral through various different media;
Collect bad debts
Lots of bad debt is one of the major reasons for companies to lag behind their competition. Spotting bad debtors is not easy, especially for beginner entrepreneurs. Prevention is the best cure for bad debt. Entrepreneurs need to conduct credit and background checks of their potential business partners and customers who make big orders.
If your company is already faltering because of bad debt, you should persistently contact your debtors, warn them about the contract due dates, interest rates and discontinue all services until they settle their debt. If all this doesn’t show any results, you should seek for serious debt recovery assistance from professionals.
Invest more money in digital marketing
You already have a website and you’ve done some SEO. That is great, but you are not using all benefits that internet brings. For increasing the number of customers you acquire this way, you will need to invest some money and start creating paid digital marketing campaigns.
Today, internet is a place where, every good has its buyer. Huge websites and online communities like Google and Facebook offer quite affordable promotion packages that allow you to closely target your audience with many different demographic and behavioral filters. Facebook Ads platform enables you to target your audience by their interests, while Google AdWords is more oriented towards web pages users visited in the past. Such advanced targeting options can bring you lots of customers quickly and spread the word about your business far and wide.
Although we didn’t mention it in the article, sometimes quitting and a starting completely new business can be a great idea. If you realize there is no way you can bring your company back to a success track, you should quit and invest your time and all the money you are left with into a new entrepreneurship project.