Business man and woman playing wood jenga game blocks in office studio.
A business fails due to various reasons ranging from lack of finance to low customer turnout or poor sales to debt and so on. However, no business hasn’t faced downtimes. It takes applying the right techniques to kickstart and keep your business afloat. In this article, I discuss 5 things to do when your business is falling.Read more about Business growth
Change Your Mindset
Studies have shown that mindset is very instrumental in business success. People with strong mindsets build successful companies. Also, when the mindset is strong, it influences decision-making. Therefore, even when you are faced with business failure you need to change your mindset. You need to be in the right frame of mind to overcome business failure. It might sound easier said than done. But the step towards changing your mindset is to:
Feed your mind with productive materials such as self-help and motivational books, videos and podcasts.
Talk to the right people who can share thoughtful discussions with you.
Fight negative thoughts with inner and outward positive confessions.
Perform A SWOT Analysis
Performing a SWOT Analysis is when you study your business according to its strengths, weaknesses, threats and opportunities. In doing this, understand how you can push your strengths as your unique selling point and how you can work on your weaknesses by eliminating or managing the situation. For instance, if I run a clothing line where I sell a variety of apparel and my dresses are in high demand, while my shoes are not. My dress is my strength, so I will market and advertise my dress more and even apply all strategies available. However, in my shoes which is my weakness, I will also apply more effort such as asking for feedback from customers and using feedback to take the next step.
Understand Your Target Market And Ideal Client
One of the factors that have led businesses to fail is as a result of selling to the wrong audience. Therefore, if you are going to revamp your business, you need to reach out to your target audience. Understand your demographics and display your solution before them. If you are into the sales of business books, it is wise to build an audience of business owners. You can do this through various platforms such the social media. Using social media to run an ad and ensuring that it gets to the right audience is a unique way to build your ideal audience.Sign up to the Connect Nigeria daily newsletter
Develop SMART Objectives And Create A Plan
Poor planning has led to many businesses failing to reach their full potential. However, leading businesses rely on SMART objectives and plans. To go about your SMART plan, it is important to know what a SMART plan entails: SMART stands for:Specific: Apparent enough to fully understandMeasurable: Determine a definite goalAchievable: Ensure is that your goals can be accomplishedRelevant: Ensure that business goals pertain to your overall vision of the company; that you aren’t chasing shadowsTime-bound: Ensure to work with a deadline with specific dates.The next step is to create a master plan where you will execute your SMART goals.
Reduce Costs And Prioritize What You Pay
To keep your business running, you must cut costs by trimming the fat. You start by cutting unnecessary spending and developing a strong financial sense of strong saving and carrying out a cost-effective approach to spending. You can cut off unnecessary vacations by using cheaper modes of transportation and eating less expensive foods. If there are non-performing properties that are unnecessarily being spent out, rent the space out, merge two departments, or cut them off completely.Featured Image Source: Legal ZoomGot a suggestion? Contact us: editor@connectnigeria.com
