Three Reasons Why Your Business Is Failing (And How To Save It)
to succeed in business, you need to have a good nose for money. It’s all well and good wanting to offer great customer service or to help make a difference in people’s lives – but if you are not making a profit, your business will simply go under. This is a daunting prospect for many new business owners. After all, we all know the scary statistics about how many startups fold within the first couple of years. But usually, this is down to a simple lack of business acumen. If you have a strategic plan laid out in front of you for how you can deliver good business AND turn a profit as well, you will be able to drive this money back into your business and watch it prosper even further. Here are some reasons why your business could potentially fail, and how you can bring it back from the brink.
No one knows about it
This might seem obvious – but how are you supposed to attract customers if the customers can’t even find your business? Business is no place for the shy or humble. You need to be prepared to shout from the rooftops about your company and how great it is – otherwise someone else will just shout louder. Customers don’t have time to scroll through hundreds of different companies all offering basically the same thing – they need to be grabbed immediately by a strong marketing campaign. Do everything you can to push your brand into the public sphere. This means creating an eye catching and functional website, having a bold presence on social media and networking with your local community. The customers may think they have come to you, but really, with a good marketing campaign, you can draw them in exactly how you’d like to.
Your sales team aren’t doing their job
Sales are a huge part of business – they are what keeps your business firmly above water. If your sales team have been pulling in some less than desirable figures, it may be time to take a new approach with them. For example, you might choose to link sales more closely with marketing, or to invest in some sales enablement for your business. If you have been using a hard sell and it hasn’t worked, try a soft sell instead and see if anything changes. There is no ‘one size fits all’ technique for selling in business – you need to find out what works for you.
There is no leadership
Many business owners are reluctant to admit that it might be them that is the reason behind poor figures for their company. But as the head of the business, you have to be willing to take some of the responsibility. Think about the amount of time you are actually in the office, managing your team. If you need to be on the road a lot for meetings and conferences, you might want to think about appointing someone in your place to take the lead while you are away.