8 Proven Strategies For Reviving A Dying Business

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  1. Pinpoint The Problems In Your Business

No matter how good you can fight, it is impotent to fight in the dark more especially when you’re being seen by your opponent. As you embark in the fight to revive your dying business, you need to take off the blindfold and see the loopholes in your business. When you are able to pinpoint the loopholes in the business you will then have idea/ideas to tackle them.

Some problems that affect businesses are either external or internal whereby the dissatisfaction of customers, government regulations or your contenders are working hard to improve majorly on their products and services while you and your team are sleeping.

Some problems in businesses are usually obvious, while some may likely need scientific research.

Generally, scientific research will not just help you figure out the problem but help you discover the cause of the problem and how to tackle them scientifically.

 

  1. Leadership

One major reason for business failure is leadership complacency which is common among top officials in firms who are caught sleeping on their jobs instead of seeking better job opportunities for their supposed company. They relax and leave all the work to their subordinates who are working tirelessly to make sure the business grow.

Leaders must cultivate proper operating, co-operate and tactical strategies and make sure their strategies are being carried out effectively.

 

  1. Re-Shuffle Or Change Staff

One of the factors that can kill a business easily is “sentiments” which obviously won’t put food on your table. Some staffs get too familiar with their leaders in an organization to a point where it starts to kill the business slowly. Most of the times it is bad customer relation by employee/employees that drags your business down the mud.

NOTE: some employees might start up perfectly but slacks back after spending some time in the company this is natural for some people, so all you need to do is to swap or change them.

They may feel they’ve been doing a particular thing for too long, maybe when they switch departments they might pick up again.

 

  1. Customers

Relying on a particular customer kills a business or company slowly, a company must be able to widen or expand its customer base to make sure up to 30% of the company’s revenue doesn’t come from a particular customer. In order to attain that successfully, the company must engage in vast offline and online advertising and run massive products and services promotions. Public relations campaign can be introduced to increase products and services awareness.

 

  1. Customer Relation

In any business or organization “customer relation” is as important as the business itself. Customer relations is the strategy by which a company or business is able to relate, communicate and interact with the general public in order to gain and retain customers.

It is paramount for a business to adopt good customer relations in order to keep its loyal customers.

It is so important that some companies hire consultants to help them improve their customer relations.

Customers are only loyal if the level of understanding between them and the company is highly mutual e.g. meeting their every need and acting quickly when there’s a complaint.

 

  1. Re-Branding

Re-branding sounds like a lot of work right? Here’s the deal, re-branding is giving your business or organization an entirely different look.

The above-mentioned steps will definitely help you re-brand the image of your company but the outlook of the company works hand in hand with the image. Re-branding the outlook of your company won’t exceed redesigning of your logo, repainting your office/offices and changing your cooperate colour.

Re-branding must reflect totally in your business e.g. your documents, company vehicles and on your staff uniform (if they wear uniforms).

After doing all of this you need to let the world know you’ve not only changed the outlook of your company or business, you have changed your pattern of service as well as venturing into major advertisement schemes either by mass media, online or offline adverts.

Irrespective of what you spent re-branding and following other strategies it is always worth it watching your business bloom again and become stronger.

 

 

  1. Motivation

No matter what we do as humans we need motivation at all times, the truth is some bosses are too mean to their staffs that it gets them confused during work and some bosses don’t give any form of encouragement to the staffs.

E.g. delay of staff salary, no tips and encouraging words.

NOTE: Without employees, a company cannot work effectively.

 

  1. Strive To Beat Competition

In order for you to win sometimes you may need to bend but not break the rules of ethics, and do research, digging deep to get information beyond what can be gotten from the streets even if it requires you getting a spy working with your opponent after assuring him/her of confidentiality.

Don’t be too surprised when you find out what they are doing is commonplace and it is what you can easily apply to make your business healthy again.

Are they using flyers people connect with easily? Make yours too. Is their customer relation, customer services and after sales better? How effective is their distribution network compared to yours? Is their product relatively cheaper and okay?

NOTE: you finding answers to these questions are not to imitate them but aiming to do better in order to beat them.

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