It can be tempting to jump ship if you’re fronting an underachieving business, but those who tackle the challenge head-on can realize the most significant achievements and be rewarded. Here are some suggestions on how you can turn things around.
Branching out / listening to demand
If your business isn’t reaching its full potential, it may be time to listen to demand and branch out. If the feedback or questions you’re getting center on what you’re not offering rather than what you do, then try researching what the costs would be to your business if you provided this. Then, compare that with the potential gains.
Even if the gains are unlikely to be large to start with, once word gets out and you build up your reputation in these new areas or products, your profits can increase.
Malina Saba has used her expertise in multiple areas to make significant improvements in previously underperforming businesses. You can follow her lead in helping to improve yours.
If you’re not sure what else your customers or potential customers might want from your business, you could ask. Many companies do this, offering a small prize for one of the people who leave feedback. It’s a cheap and effective way of generating ideas to expand your business.
Expanding your reach
Similar to branching out in terms of what your business offers, with the use of technology, you will usually find you can reach out to and deliver to customers worldwide.
Figuring out the logistics of this might seem daunting. Do you need to have employees based in other countries or states? Can these jobs be done remotely? Can existing employees do this, or do you need to find new staff? If so, should these be contracted employees, or would freelancers be better suited to your business?
These are just some of the questions you will need to answer. You may need to trial a few methods before you decide which one works best, but it’s worth thinking through beforehand, so you can work out all the pros and cons.
Working with the best team
Many of the questions you will ask yourself will involve employees or freelancers who can help promote the business and its expansion. So finding the best team is crucial. Everyone has their strengths and weaknesses. So putting people into roles where you can get the best out of them can play a big part in turning around a business and how it operates.
Some businesses have rigid roles requiring all employees with a specific job title to follow all the tasks and duties on a list. That may not be the best way to operate. If your team members are better at specific tasks than others, it’s possible they could swap duties with another team member who excels in a different area.
If your team is doing jobs they’re good at and enjoy doing, they’re likely to be more productive. It’s not possible to ensure everyone gets to spend their working day fulfilling only the duties they prefer, but these less preferred tasks can be distributed equally among the team. So no one person will have to spend more time than anyone else on these jobs. It’s essential to think about the well-being of your staff.
It helps to have a manager or team leader who inspires the team. It can affect productivity if the team members feel like they’re not listened to, are overworked, or are just unhappy with how poorly organized things are. They will be unlikely to produce their best results.
Ensuring you have the best team to boost the business’s success will involve making hard choices of who to keep and who to let go. Sometimes, you will be able to redistribute employees to a different department where their skills can be used more effectively.
With several big named businesses in the headlines and being discussed online for all the wrong reasons, you can make yours stand out by making ethical choices and doing good in local communities and beyond.
It is difficult to compete with bigger businesses and their lower prices, but customers may choose your company because of the more personal touch. If they see and hear about the positive effects in their local community or the causes close to their heart, they will be happy to spend a little more if they see the value of your support for these causes.
Others may be so against certain companies that any demonstration of how you are different can sway them to choose you instead. Getting in the local and wider media is excellent for spreading the word about your community initiatives.
There can be a lot of hard work and strategies needed to save an underperforming business, but it can be done. So, don’t give up hope.