Strengthening your business requires strategies to retain and broaden your customer base, market your business, keep staff morale high, maintain strong financial management systems and improve business practices.
It's easy to panic when business is struggling. Panic, which is emotionally driven, has tremendous power. The alternative to panic is change. Change is an opportunity for advances.
10++ change strategies to strengthen your business
Assess and clear excessive debt. If your revenues have dropped, you may not be able to service the debt. Any debt can be worked out, even leases.
Trim. If you haven't already, reduce your overheads. You can deliver the same amount by increasing productivity.
Monitor your finances daily. Develop a tracking system in your business and have daily, weekly and monthly financial reports. Focus on your most profitable products or services.
Train your staff. Productivity and performance can be considerably improved to benefit your bottom line and the client.
Review your marketing. Use the internet and focus on existing clients first to generate additional revenue.
Focus on sales. Develop a sales strategy and train up your staff to sell more effectively. Create your unique selling proposition that gives you an advantage from competitors.
Expand market range. The internet can take you anywhere, especially if you can create an expertise or a niche item or service. Broaden the geography of your market.
Focus on quality. Quality of product, service and relations wins in the long run.
Make customers a priority. Providing quality service and after sales service makes you more likely to retain existing customers and increase your client base.
Motivate your staff. Build morale and motivation by communicating with your staff what is happening within the business. Try to involve them in decision-making and finding solutions
10+. Network. Networking will allow you to discover new opportunities, customers, suppliers and business partners. Consider forming alliances and collaborate with other business.
10++. Get help. Speak to a financial adviser, business consultants or training provider. If what you are doing is not working, then seek expert advice the may provide the solution you need.
Develop a plan and set a time frame to get done what needs to be actioned. Don’t wait for something to change. Take on the responsibility to make today a good day.