We hope that none of you are ever in a bad position with your business! Â But if for some reason you find yourself struggling, check out this great blog by, Adam Toren, to help you get your business back in the green! Â And if you are doing great, this is still a great blog to help make sure that you stay there, and even possibly help send you higher into the green!
According toÂ an article by Mark Henricks inÂ All Business, the 2008 economic recession was responsible for a 50 percent increase in business bankruptcy, and these businesses included the likes of automotive giants General Motors and Chrysler. While some businesses including the aforementioned companies were able to be saved by bankruptcy, many more were forced to close their doors completely. Those still in business might still be struggling to make ends meet in an increasingly competitive market as the economy slowly rebounds.
If your business is struggling, either because of the economy or because the business still in its infancy, how exactly do you make it tick? Hereâ€™s a look at five smart and simple ways to add bite to a struggling business.
5. Analyze your marketing
All businesses need to spend money to make money. And many businesses spend this money in the form of advertising. Take a close look at where youâ€™re advertising, and then consider polling your existing customers to see what media theyâ€™re most likely to consume. Then, simply alter your marketing strategy accordingly so that your ads and message are noticed in the media that your target demographic is reading. For example, you may be spending ad money in print ads when your customers are doing most of their reading online.
4. Social Media
Use Twitter and Facebook to your advantage. Not only do social media give you two free channels to promote and grow your brand on but also Google has adjusted its algorithm to factor in â€œsocial signals.â€ So essentially, if the search engine can see that youâ€™re more active on social media, it will weigh your website higher in general search-engine results. This is too simple a strategy to not implement, and the strategies you can implement are endless. Start by looking at your competitors, analyze their strengths and flaws, and build your social media campaign around engaging content.
One way to breathe some life back into your business and win back some of the customers you may have lost over the years is to rebrand your business. Come up with a new vision, a new logo, and perhaps new managementâ€”maybe offer new products to differentiate yourself from your competition. Rebranding, in many cases, can be that shot in the arm your company needs to get back out there and finish up the 9th round of our economic downturn boxing match.
2. Put trust in people
Your business is only as good as your employees, Make sure that theyâ€™re happy and excited to be working for you as this will likely be reflected in your overall profits. Give good benefits, offer incentives for jobs well done, and give people unexpected days off. These are all tactics that will raise employee morale and get people talking positively about your company while making more people want to work for you. This positive buzz around your business will translate to success and happy employees are some of the most important evangelists for your product.
1. Get involved
You should be networking with as many people in your community and industry as possible. Consider joining your communityâ€™s local chamber of commerce, volunteering and sponsoring community events. and holding fund-raisers. These acts all help generate positive word of mouth and are a type of free publicity, especially if your business is dependent on area customers. Again, social media also offers you an ideal opportunity to work with peers, partners, and other parties to get the word out and bring your business back from the brink.
Adam Toren is an Award Winning Author, Serial Entrepreneur, and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Matthew. Adam is co-author of the newly released book:Â Small Business, Big Vision: â€œLessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Rightâ€ and also co-author ofKidpreneurs.