When you first start your new business, you’ll be running on a full battery. Sales will start to climb steadily, you might even think about expanding. But there will come a point when that battery will start to run down. Sales will slow and things will start to come grinding to a halt. When that battery runs out completely, your business will stagnate and if you don’t get it going again, it could fail permanently. So, how do you jumpstart a failing business?
Bring In New Staff
When you’re struggling to make sales and profits are starting to dwindle, hiring more staff is probably last on your list of priorities. Spending that extra money doesn’t seem like a sensible thing to do but hiring new staff could inject a bit of life into your business. One of the reasons that you might not be making any progress is because nobody is coming up with any new ideas. Somebody new can look at the company with fresh eyes and are more likely to pick out ways to improve things.
Get More Social Media Followers
Marketing teams are often at a loss about their social media campaigns because their posts are getting good engagement, yet they aren’t seeing that transfer into sales. The reason for that is usually that they aren’t reaching any new customers. They’re just reaching people that have already bought products from them. The key to making it work for you again is to find new followers. Luckily for you, companies like FB Bureau can help you with that. For a fee, they will find you lots of new followers for your social media accounts. They’re real people with real accounts so you still get the SEO benefits and you reach a lot more potential customers which could help you break the cycle of low sales that you’re stuck in.
Knowing when a business is failing is a skill that all the best business people possess. Clinging onto a sinking ship is bad business sense. If your company is failing to get anywhere, it might be time to admit defeat and accept that your business model isn’t working. There are plenty of companies that started out doing something completely different to what eventually made them their millions. Hasbro started out in 1923 as a textile company. They stayed that way until the 1940’s when they decided to release a toy doctor and nurse costume set. It was so successful that just a few years later they had morphed into the world famous toy company that is still thriving to this day. Sometimes your original plans don’t work out, but that doesn’t mean you can’t change direction and build a lucrative business.
You might not need to change direction completely if you’re still convinced that the product is strong. There might just be an issue with your branding. In the past, stagnating companies have completely reinvented themselves and turned everything around. The Burberry clothes brand used to be associated with gangs because they adopted it and it seriously affected their sales. But they’re still going strong because they decided to rebrand. They introduced whole new lines that were separate from their old stuff and managed to paint themselves as a clothing company for the upper classes. A clever rebrand is one of the most effective ways to get your sales going again.
When your batteries are empty don’t give up just yet, try these methods to jumpstart things first.