Is your business struggling on the market? Perhaps you are not seeing the level of profits that you had hoped for nor even expected when you started your company. You might be tempted to give up and just sell the company regardless of what stage you are at. However, this would be a colossal mistake. While it’s true that selling a company can get you at least some of the money that you put into it back, there’s a good chance that your business is down, but not yet out. So, you can turn things around and get back to a level of profitability regardless of where your business is on the market right now. Let’s look at some of the possibilities.
Slash Your Prices
Slashing your prices and reducing the costs that your customers will have to pay is a great way to get them back on board and interested in your business once more. It also puts pressure on the competition, and that’s always good news. They either lower their prices or they risk losing some of their customers to you which is exactly what you want. Either way, you win. You either hurt the competition, or you force them to come down to your level, ultimately creating a price war. Be warned though this can get ugly pretty fast and you’ll have to be careful that things don’t get out of hand.
Right now, you are probably thinking, wait a minute, I can’t afford to cut my prices? This really does depend on how much you need some new demand. If you are desperate to get some new blood in your business customer pool, cutting prices is the right step. You will be able to afford this if your business model is maintaining a high level of efficiency. Even if it’s not, depending on the level of loss that you’re already facing, cutting prices could still be the right move. Don’t forget, you can always increase them once you have brought customers in. To do this, you just need to advertise the change as a limited sale.
It’s also possible to trick the customers into thinking they are getting a great deal when really, you’re the one making more money. Black Friday is a key example of this where prices are raised in the months before to be dropped for the sale so it looks like a great deal. Really, products are selling for no more than they are worth. You can also consider bringing in new clients by marketing to them like they are special VIPs. ‘Exclusive’ member deals and more can be sent through email marketing, encouraging new and old customers to buy.
If your business is in serious trouble, you might also want to think about downsizing. Through downsizing, you will immediately cut costs, and that makes it easier to reach a certain level of profitability. For instance, you can think about reducing your staff. Alternatively, if you are running your business out of an office, you could switch to a home run business model. That’s another choice that could be very effective because you don’t have to worry about the cost of rent or even property maintenance. No doubt, if you are running an office, it’s adding massive amounts to your bills. Cutting this off your budget will make things a lot easier.
Of course, once you do this, you will need to think about how to offer your services on the same level and also, perhaps, more importantly, reach the same quality. To do this, you need to consider outsourcing. Through outsourcing, you can get a fantastic team on your side, and you won’t need to worry about the typical employee costs. Instead, everything can be a lot cheaper, and you’ll have fewer responsibilities as well. It’s a great, win-win scenario.
To start downsizing, you need to take a look at your business model, figure out what’s working and what isn’t, who you need and who you don’t. Once you have done this you will be able to make your business model a lot more flexible and that in turn will increase your bottom line.
Alternatively, perhaps you’re just not thinking big enough. If that’s the case, it’s time to think about expansion. While we’ve talked about expansions before but today we’re going to think about international expansion. Moving your business to a new international location can be a great idea because it will allow you to gain access to an untapped pool of demand, potentially.
To do this, you will need to take some key steps including obtaining something similar to entrepreneur visa guidance. With this guidance, you should be able to navigate the rocky road to opening a new business abroad and avoid some of the potential pitfalls.
Of course, growing and expanding your company does come with a certain level of risk. But, it’s a risk that you should take, particularly if research has shown that the demand for your product or service does exist in the new location. You can use a consultant to find this information before moving forward with the expansion.
Or finally, perhaps the problem is marketing or rather, a lack of it. If that’s the case, it’s time to look at both your online marketing and your offline promotion. You need to find out which methods are just not delivering the result. Look at SEO and remember, SEO is no longer a simple game. It requires expertise that you may not have. But you can find it. All you need to do is hire a great marketing team, and they could quickly put your business back on top.
As well as this, you shouldn’t underestimate the importance of an offline marketing campaign. Particularly, when you will have chances for guerilla marketing. With guerilla marketing campaigns you can also gain media attention. With media attention, the potential for your business and your customer base grows dramatically in a relatively short amount of time.