One of the prominent ways to prevent your business from being stagnant is to stand out from the competition. One of the most common questions business owners need to ask themselves is: ‘Is my business still relevant to the target market I have and am I presenting or packaging it in the best possible way taking in to account the resources available to me?'. One of the catch phrases in businesses today is; beyond expectations or exceeding expectations. The way to achieve the above, would be to look at your business from a constructively critical view. The following 5 tips can help you revive your business:
1. Re-evaluate the market to see your relevance and offer
Experienced, successful business owners and consultants will recommend that at the start of your business you focus on a niche or at least a very clear market. Once you gain traction, you can expand your product and/or service offerings and market share. For existing businesses on the other hand, depending on if it’s a product or service, you will have real time data to use to evaluate the market place. What lines are moving and what isn’t. Why they are or not moving. Is demand low due to visibility of the product or service or in actual fact the market has moved on to other products or services that you don’t provide or offer. There is benchmarking software or services you can buy into to compare your performance and marketing with others in the market. Staying relevant may require looking at your whole business model and reviewing it. Our business consultants will help you with a Business Health Check to address some of the above matters. This will identify specific key drivers in your business.
2. Check your customer acquisition methods
Many businesses are mostly particular about reaching their target. Such as; sales, services, expansion, acquiring more customers and retaining old ones etc. However, how you acquired your customers in the first place is very important as it gives you the opportunity to utilise your strengths and rectify your weaknesses. If you sell from a store on the high street, do you also need to consider online sales too and which social media platforms would be relevant to your business? Better to do your homework rather than just base it on trial and error. Is the stagnation because even though you are getting new customers, you are also losing existing ones? This could be the reason, so you have to look at balancing getting new customers whilst retaining existing ones. The use of customer evaluation, feedback analysis, user groups set up, etc could be a way forward in this area. Don’t get lost in believing your own hype.
3. Reviewing your business plan
Business Modelling and Planning is sometimes seen as old school and rigid. However, this doesn’t have to be the case. It is necessary to serve as a guide, such as keeping on track, identifying a new marketing strategy, planning a customer acquisition campaign, identifying and achieving your business strategies to generate overall success. However, your business plan should be tweaked every now and then strategically to align with customers/clients needs, change in the economy, new business ideas or even getting a business loan which would have to be incorporated into the business plan. No business plan can afford to be rigid, otherwise it becomes obsolete.
Your business model is not a mathematical calculation, it simply describes the rationale of how your business creates, captures and delivers value. Our professional and experienced consultants will work with you on the building blocks to get both your business plan and model right from the start.
4. Reviewing Your website
The excitement of a website seems to waver ever so often. Websites are left to gather dust. People sometimes move from their website to apps, to other social media platforms at the expense of the site. Website are still very relevant in most businesses and play their crucial part alongside the other online strategies. The reality is that your website is your storefront. Whether you are selling a product or delivering a service. It is the first thing a potential customer or client sees when they first view your website. First impressions are very crucial at this stage as it can determine if a customer or client stays engaged and continues to be interested in what you have to offer and therefore honour your ‘call to action’ or bounce off straight away onto another competing website. Apart from stepping back to look at your website from the view of a customer/client trying to purchase or look for information, get colleagues, friends and family to do the same. However, this can be very tricky as they may not want to hurt your feelings and therefore give you positive feedback (or even negative feedback in extreme cases, particularly if they do not support your business). You are therefore often better off consulting an independent consultant. As a website or ecommerce expert would also have so much more to give by telling you if your website needs a whole new face over or a few tweaks here and there. Furthermore, one of the leading web design trends for 2019 according to Amber Leigh Turner of Design & Development was; removing non-essential design elements in favor of simplicity. This continues to be the trend. Customers/clients want websites they can easily scan as opposed to just good looking websites.
5. Review your brand. What does your brand say about you?
You, members of staff and of course your website, apps, and social media platforms ‘wear your brand on their sleeve’ so to speak. When people see or meet you, they form an impression of your brand before you get to sell it. If you impress that person, they would like to know more. Therefore, if you are a representative of a company (which doesn’t sell tracksuits) and you turn up at a business event in a tracksuit, there is the likelihood you will not be taken seriously and therefore could lose important business contacts. There is a lot to discuss on branding as part of your marketing strategy, and many little cost effective things you could do that have a real impact in reviving your business.
At RBSS we have real life case studies of turning business performance around and helping them improve profitability and achieve business goals. If you feel your business is becoming or is already stagnant or you may need advice or support in any of the above tips or other business areas such as help to raise finance, start up loans or grow your business etc. You may even just want to bounce ideas off our business advisors, we offer the first consultancy free, so please feel free to connect with our business advisors at RBSS Consulting Ltd on 0333 355 1696 or drop us an email at firstname.lastname@example.org. We provide real business solutions for start-ups and existing micro and small businesses.
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