How to Save Your Struggling Business
If you’re alarmed that your new business appears to be floundering, don’t give up prematurely. You may have an excellent business idea and just need to improve a few things.
Business is complicated. It has many moving parts. To build a better one, identify what’s working and what’s not working. Then, figure out what to do to improve what’s not.
Time to check yourself as you may be making one or more of the following common business mistakes.
Mistake #1: You’re not giving your employees enough space.
Your business may be struggling because you’re not giving your workers enough physical space to focus on their work. One way to create a sense of spaciousness is to use office room dividers to give your employees a little privacy. These barriers absorb sound and reduce distraction.
Your business may also be struggling because you’re not giving your workers enough psychological space. If you’re micromanaging your employees, they may not be focused on high-value work because they’re preoccupied with trying to do everything perfectly. Afraid of being singled out at the next office meeting, your employees might spend too much time on things that don’t need to be done at all and never get around to doing work that improves the bottom line. For instance, your salespeople might spend too much time on lead generation and not enough time calling on prospects. There is a delicate balance between pointing out how an employee can improve and making them paranoid about the quality of their work.
Mistake #2: You’re not making good use of your time.
If you never get enough done each day, you need to get a better idea of how much time you’re spending on different tasks. You may be working too long on organizational work, spending more time on sorting through things than you realize.
Conversely, you may only be focusing on important, high-priority work to the exclusion of everything else. By taking on so much high-pressure work, your performance may have plummeted because you’re too stressed to think clearly.
The solution is to create a time management strategy. Pay close attention to how many hours you work each day. Are you spending too much time on busy work and not enough time prioritizing what’s important? Are you spending too many hours working late into the evening and need to get home at a decent time? While hard work is admirable, you also need to pursue a sustainable schedule.
Mistake #3: You’re not differentiating yourself from the competition.
One reason your business may not be doing so well is that you’re selling the exact same products or services as your competitors. Think about ways that you can make your offerings stand out. Identify your unique brand and then build a marketing campaign around it.
When you create an irresistible value proposition to differentiate yourself from your competition, you will attract your ideal customers. To develop it, think about what you can be doing differently. What makes you unique? Build a new corporate narrative about your deliverables.
Mistake #4: You have an ineffective marketing strategy.
Marketing is all about making your business visible to your target audience and delivering value to your customers. If you’re not attracting enough buyers, then you may not be marketing your business enough. Or, if you are marketing heavily, but not attracting leads, then you may be using an ineffective marketing strategy. In that case, talk to a business consultant.
A marketing expert can help you:
- Get a better understanding of what your customers want from your business.
- Determine how you can deliver your products or services better than your competitors.
- Communicate the benefits of what you are selling to your audience
- Formulate an effective marketing strategy that will lead to higher engagement and better conversion rates.
Business Is Challenging
Running a successful business is not just about selling a product or delivering a service. You need to do more than decide on a business model that fills a need. If your dream business is collapsing, you’re probably making some major errors. Once you take a good hard look at your company, you can troubleshoot and fix it.