Many
businesses in Nigeria die as a result of several reasons not restricted to leadership problems, recurring financial losses, loss of passion on the part of the
business owner, employing the wrong persons, unfavourable government policies, natural and manmade disasters etc.
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According to a study, 70% of established businesses don’t survive their first year. This is to tell you how severe business failure is in Nigeria. In this article, I’m going to highlight 6 turnaround strategies to revive a dying business.
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Reassess The Workforce Of The Business
Business health or death is as good as the people that make up its workforce and managerial space. In order to resuscitate a dying business, you must reemploy the right people with the right skills. If the business is falling short of the needed workforce, it’s advised to restock with the right people.
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Re-Innovate Your Product/Services
A business that fails to be innovative is on its way to the grave. Every business must continually improve otherwise their products/services will grow stale in the long run and disinterest customers. Businesses must be willing to move with the trends – adopt new technologies, seek new market spaces, rebrand themselves etc. It’s advised that dying businesses spice up their products with new redesigns.
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Rebrand
Businesses that experience near-death are businesses whose brands are long forgotten by customers. As a matter of fact, their brand has no impact on attracting customers. There are cases where people begin to de-market the business stating that the brand is out of vogue or no longer worthy of buyer’s trust. To address this, the dying business must rebrand and create a new impression in the minds and hearts of customers. One of the ways you can rebrand your business is to give it a facelift, such as remodification of its logo, company colour, new advertorial catchphrases, new slogan etc
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Infuse Funds
Lack of funds is another reason why businesses die. If you want to revive your dying business you’ll need to strategically refinance your business. You might choose to source money from personal savings, friends and family, banks, selling of personal properties and so on to revive your business. You might need to adopt new technologies, new equipment, employ the right team etc. Further, in a bid to generate money from the business you might need to cut off unnecessary expenses, retrench redundant workers and shut down less performing parastatals.
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Re-Work: Execution
After the problems have been identified and solutions suggested, how you go about executing your strategies matter a lot. You have to divide the work into processes and steps. Everyone should be informed of their roles. Roles shouldn’t be muddled up. Furthermore, the goals and objectives of the company should be well spelt out. There’s a need to supervise each process so that the needed results can be achieved.
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