Every business, at one point or another, struggled to grow or become something. Even the likes of billion-dollar corporations, such as Microsoft and Google, had their fair share of struggles when they were starting out. Whether it’s your struggle to find investors, customers, employees, or just direction in general, here are four tips to help turn things around for you.
Edit Your Game Plan
If your business is struggling, look at your initial business plan. Chances are, you failed to account for something important, which is now affecting your ability to resolve that cause or source of struggle. Ruthlessly edit your plan until you find a system that works and covers all aspects and angles of your business.
Figure Out What Doesn’t Work
If your senior VP isn’t bringing anything to the table to help your business grow, let them go. It’s an awkward and uncomfortable situation, but these are things that should be done quickly rather than letting it bleed through your business’ output. That being said, figure out what methods and which people are well-aligned with your company and its mission/vision, so you can keep them in place.
Revamp Your Brand
Your brand may be one of the reasons why your business is struggling. It might not be appealing to your target audience, or it just lacks any excitement or value. Revamp your business’ brand by upgrading the logo, launching a professionally built website, and changing the tone of your brand messaging on social media.
Avoid Toxic Debt
Accruing debt to scale your business might sound like a smart strategy, but debt only weighs your business down and limits the financial choices you can make. Avoid taking on new business loans or lines of credit. Instead, bootstrap or crowdfund any new expansion ideas or projects you plan on pursuing.
Employees and customers may be able to tell you why you’re business is struggling and even offer insight on how to solve it. Getting feedback from people on the ground and in the frontlines is key to drafting a realistic and specific plan; otherwise, you’re basing every move on theories.
Struggling businesses don’t have to struggle forever. The five tips above can help you get back up on your feet with minimal investment.