When running a small business, there are many struggles that can arise. Whether you’re not generating enough sales, have accumulated debt or are having other issues, you may be questioning whether it is time to close your business. This can be a difficult decision; and not one that should be taken lightly. Thankfully, there are numerous steps that you can take to redeem your business, and ensure its future!
Before you throw in the towel, consider these helpful five tips so that you can try to save your business:
- Amp up your marketing efforts – Maybe your business is struggling to make sales because potential customers are unaware of your products or services! To combat this, create fresh marketing materials that advertise your options. A new marketing campaign might be what your business needs to make more sales.
In addition, consider producing sponsored social media posts that target local patrons who are interested in your business’s industry. This will help you strategically reach the type of people who are most likely to give you business. Going forward, you should maintain your business’s social media profiles, and use them as a consistent way to keep customers updated on your sales and offerings. Overall, boosting your business’s online presence could help you increase sales, and redeem your business.
2. Apply for a loan – Are there parts of your business that need revamping, but you don’t have the money to pay for them? Consider applying for a business loan through a reputable lender. Having extra financing will allow you to invest in your business and improve whatever areas are suffering.
Prior to applying, research lenders and ensure that you are educated on their qualifications and terms. You’ll want to make sure that you meet their prerequisites prior to applying, so that you don’t waste your time. Once you find the right lender and receive financing, manage your money wisely. Since you’re in the process of saving your business, you should use this money for initiatives that will drive positive change for your operations.
3. Ask for customer feedback – If you’re unsure of why your business isn’t succeeding, turn to previous customers. Whether it is an email survey or in-store conversations, you should reach out to these individuals for constructive criticism. You might be surprised at how their suggestions will help you save your business.
4. Cut costs – If you’re spending your business’s finances on certain costs and not seeing the return, you might want to re-evaluate your budget. Perhaps you’re purchasing certain inventory that isn’t selling, or have equipment that you aren’t utilizing. You would be wise to get rid of or reduce these expenses. Since you’re considering closing your business, you should cut unnecessary costs so that you can have money on-hand for more pertinent needs!
5. Consider re-branding – Whether your business has garnered bad press, or your existing brand isn’t resonating with patrons, a rebrand might be the best step to take. Although it can be time consuming and potentially costly, rebranding could give your business a fresh start. Rebranding might entail a new name, logo or other identifying factors, but it could also signal a new era for your previously unsuccessful business.
Understandably, trying to salvage a failing business can be stressful. Hopefully, after reading this post, you’ll be able to devise a plan to save your business, and turn it into a lucrative venture.
Katie Alteri is the content marketing coordinator at Fora Financial, a company that provides working capital solutions to small businesses across the U.S. Fora Financial can also be found on Facebook and Twitter.