All businesses start somewhere, and not all companies will be successful. Understanding the common reasons for business failure is crucial for implementing effective strategies to prevent it. Owning a business is hard; we get it, but don’t let challenges get in the way of your business’s success.
There is always a solution to every problem, no matter how much of a ‘dead end’ it may seem, so don’t give up yet.
Instead, take a minute out of your day to read our blog on different ways to revive your struggling business and we can assure you that your outlook on owning a business will change!
Want to learn more? Read on for more information on how to revive your struggling business. Yet, as a first, implementing strategies to save a struggling business involves ensuring your consumers are happy and revamping sales and marketing efforts.
Improve Your Customer Service
Improving your customer service is a great place to start when improving your business. Excellent customer service is a great way to maintain clients’ loyalty to your business, as well as leave your business with good reviews, eventually leading to an increase in clients as your business has a good reputation.
Many businesses have failed due to their lack of customer service. Although the business may be well known and sell good products, customer service can significantly let the business down.
Now, we know that improving customer service is a great first step to reviving your business. But what methods should you follow to ensure that you are doing this effectively?
Firstly, you have to understand your customers and what they want. For example, if you have a lot of customers who order from your business and expect next-day delivery, it is important that you deliver what the customer wants.
A good business owner converses with their customers to ensure that the customer feels they are in safe hands. This will therefore allow your business to grow as more and more customers trust your business.
Another way that you can improve customer service is by seeking and promoting customer feedback. Doing this will give you a better insight into your customers’ thoughts and opinions about your business. An effective way to do this would be to get your customers to complete a short survey. The shorter the survey, the more interactive customers will likely be.
Consider Having a Business Coach
Every business starts off as a small business; some may do well almost instantly, while others may not. This is why having a business coach is a great asset to struggling small businesses. But, what does a business coach do?
Business coaching works by creating a business plan suited to your business. Our experienced directors at MOVE believe that business coaching is a great way for you to advance yourself and your business.
A business coach helps you plan for business growth and success of your business to ensure that everything runs smoothly. At MOVE, we believe that hiring a business coach means hiring an experienced expert that you can trust when it comes to building your business.
The business world is hard and very competitive. You want to stand out from the crowd, you want to be unique, and most importantly, you want your business to do well. What better way to do this than by hiring a business coach to help you along your path to success?
For example, if you’re facing cash flow issues, exploring financial tools like invoice financing can provide the necessary support for your business, along with hiring a business coach.
Not only does MOVE business coaching work by helping your business, but it also focuses on all aspects of it.
For example, being a successful business owner isn’t just about growing your business. It is also about growing in other areas, such as:
- Helping you expand your network
- Helping you to expand within your personal life
- And finally, allowing you to grow within your family life and professional career
Offer Better Quality Products
Many products can quite quickly become outdated or may just not be up to the correct standard anymore. Although this may seem like a tricky situation to get out of, it really is quite simple.
The main thing you need to consider is what you need to do to improve your product or service. This can be done by researching, checking popular and unpopular products (e.g through the back end of Shopify), or simply interacting with your client base to allow for feedback. For example, start by researching for new suppliers and manufacturers that can source your products at a reasonable price but with better quality products.
However, conducting a SWOT analysis can help you identify your strengths, weaknesses, opportunities, and threats. For instance, if you are producing in-house, it is crucial to research better materials/items to address your weaknesses and explore new opportunities.
For example, if you are a small business owner specialising in the fashion industry and you feel that the quality of your fabrics is quickly declining, you would then consider looking for better-quality materials or suppliers to get your materials from.
Just remember that the only reason for the failure of your business is not down to what you are selling and cutting costs, but mainly down to giving up. There is always a way to improve your business, if not alone, then with a business coach.
Update Your Marketing Strategy
Good marketing strategies are key to any successful business, especially for struggling companies that need to reassess their target market and messaging.
There are a variety of things that need to be considered if you are not reaching your target audience. For example, pricing – ask yourself, are my prices for my products reasonable? Am I interacting with my customers as much as I should be? Am I supplying the correct products for the correct target audience?
Although this may seem like a lot to consider, they all have pretty simple solutions. For short-term relief, if your prices are too high for what you are selling, consider lowering them to attract more customers.
If you are selling a product that other companies also offer for a lower price, who are the customers going to purchase from? They will most certainly buy their products from another company for a lower price.
You want to stand out from other companies; that is what makes your business unique, so offering the best prices and offers will most certainly allow you to stand out from the rest.
Improving your online marketing strategy is imperative for any business, regardless of size or industry. This may include SEO and PR – or simply assessing your business model.
MOVE Elite Mastermind Group
If you feel that you would like a bit more professional advice and support and would like to work with a group of people who are in a similar position to you, then MOVE Elite Mastermind Group is the solution for you.
The MOVE Mastermind Group is a group of people that are also struggling with their businesses and come together to discuss their strengths and weaknesses, and goals and help each other overcome their problems in order to get their business back on track. There are many different types of groups, with each group suited to the correct people.
For example, If you are struggling with starting a business within the fashion industry, you will be grouped with other people in a similar position to you in order to receive the correct help, support, and advice you need.
What Does the Mastermind Group Consist Of?
It is a 6-month membership that MOVE hosts and people pay to attend. The membership is £2,400 and consists of:
- High-business networking
- Monthly 2-hour mastermind meetings via zoom
- Dedicated WhatsApp support group
- 7 business owners and decision-makers per group
- Peer-to-peer accountability
And many more—read into our MOVE Elite Mastermind Group Services to learn more.
Mark is a multi-award winner in business networking and relationship building. He is passionate about coaching and mentoring business owners and professionals through 1-1 & group coaching, team performance workshops and group mastermind sessions.