Tips to Get Your Slumping Business Back on Track

A business going into a slump in today’s market is all too common. The US Bureau of Labor Statistics gives new businesses an approximately 50/50 shot of making it past the five-year mark. Since 50% do make it, that means it is possible to turn things around. So, what can you do to get your slumping business back on track?

Get Focused

Most new businesses start out to serve a particular market with a particular product or service. Those same businesses frequently flounder when they rush to expand the services they offer or the products they sell. Take a hard look at your business. Is it still delivering that original product or service to the right market? Is the business still delivering at the same level? If not, it may be time to drop some of those extras and get back to basics. 

Education

Education comes in all shapes and sizes. Seeking out an experienced businessperson to act as a mentor gives a struggling business owner access to vast practical experience and a network of useful contacts. Dissecting successful competitors’ strategies often prove instructive about what your business needs to do. If you started your business with no background in business, a business management degree can help you identify and solve problems you didn’t realize existed. http://wwwwgu.edu/business/business_management_bachelor_degree

Up Your Marketing Game

If marketing has dropped off the radar, get it back in a big way. It’s an online world, so that is where future customers are most likely to find you. Have you developed your online presence with a website, blog and email list? Do you ask customers to leave reviews on websites like Yelp? Are you engaging with customers and prospects on at least one major social media site? The other place you can reach out to new customers is through your existing customers. Reward them for sending business your way with a referral marketing program. 

Crunch the Numbers

If you’re bleeding cash, you need to know. Study your books and accounts with a microscope. Odds are, you can save some money somewhere. Do you have under-utilized equipment? Find a way to use it more effectively or sell it. Cancel subscriptions to services you don’t use. If necessary, fire under-performing employees. 

Watching your business go into a slump is terrifying, but not automatically fatal. The slump is a warning sign that things aren’t working. By honestly examining the facts, you can identify the problems and take proactive steps to reinvigorate your business.