3 key questions that a struggling business should consider
When those in charge of a small company eventually come to terms with the fact that they are struggling, it is essential that big questions are asked as quickly as possible.
Action needs to be taken if the situation is going to be turned around and you may wish to consider calling in the services of corporate recovery specialists to offer expert guidance.
However, if you feel that you need to address the problems independently first of all, there are a couple of significant questions which you need to ask yourself:
Are you really investing in the online world?
One thing which all successful modern companies have in common is that they have found a way to make the internet work for them effectively. There are plenty of statistics available which suggest that people search online for products/services more than through any other outlet, so getting SEO-savvy and looking into the idea of social engagement may be just the kick-start your company needs. Utilising everything that Twitter, Facebook and other social media platforms have to offer is critically important.
How can you make your size work for you?
Smaller companies may increasingly feel swamped by larger organisations within their sector, but the one area where they can almost certainly trump their counterparts is in terms of a personalised service. Little touches such as free delivery, regular communication and loyalty discounts could be the difference between losing and retaining a valued and important customer. Take advantage of your comparatively small size by thinking innovatively at all times.
Is it time to consider a change of direction?
Changing the general message of your business doesn’t have to involve a complete re-brand of the company. Sometimes it can be as simple as changing your advertising slogan to make consumers aware of a different service which you offer that is possibly not gaining much recognition. Such a tactic could be the catalyst for a resurgence that spreads across the whole company.
By Phil Smith