The BizFilings blog covering business tips and trends.
Five Smart, Simple Ways to Save Your Struggling Business
Published on Jul 7, 2013
Check out 'Five Smart, Simple Ways to Save Your Struggling Business' at 'Time to Start Up,' the small business blog by BizFilings.
While it may be premature to say the U.S. economy has full bounced back after the 2009 depression, this is still a great time to improve those areas of your business that may have been affected by a tight budget. While your business may not be ready to make a big leap, it’s always a good time to reinvest income into the well- being of your business.
If you have a struggling business, either because of the economy or because the business still in its infancy, how exactly do you make it tick? Here’s a look at five smart and simple ways that may help you combat an economic crisis.
Analyze your marketing
All businesses need to spend money to make money. Oftentimes, businesses invest in advertising to reach potential customers. Take a close look at where you’re advertising, and then consider polling your existing customers to see what media they’re most likely to consume. Then, simply alter your marketing strategy accordingly so that your ads are reaching your target audience.
Utilizing social media channels to promote your business offerings can not only increase your customer reach, but make you more popular on the web in general. We suggest regular postings on each social media channel, always aiming to engage with current customers and take part in conversations where you could attract new ones. Also, take a look at your competitors (local or national) and see what they use social for. Use that insight to craft engaging content and get your brand noticed.
One way to breathe some life back into your struggling business and win back some of the customers you may have lost over the years is to rebrand your business. Come up with a new vision, a new logo, and perhaps new management, like Sprinkles Cupcakes did. Make sure to take all the necessary steps to registering your company and proper incorporation.You may want to offer new products to differentiate yourself from your competition. With this comes the caveat of consistency; if you jump in feet first, be ready to get wet.
One of the advantages of owning your own business is the power to make changes, according to the market demands and business needs. Explore new additions, business services and products. Perhaps this means taking your business online, and selling your products through the web. Try these changes out with your customers and tweak your approach depending on their feedback. However, be sure not to lose sight of your brand’s foundation, but rather enhance what is already working.
Consider joining your community’s local chamber of commerce, volunteering and sponsoring community events. These acts all help generate positive word of mouth and are a type of free publicity, especially if your business is dependent on area customers. Again, social media also offers you an ideal opportunity to work with peers, partners, and other parties to get the word out and bring your struggling business back from the brink.