How to orchestrate a fast business turnaround.
If you have a business that is struggling, you’ll be happy to know that in most cases (especially with small businesses that are nimble and can react quickly), a fast business turnaround is absolutely possible.
However, keep in mind there’s no magic voodoo chant that will suddenly make your business successful again. There is going to be a little, *gasp*, work involved.
While I realize I probably just lost 75% of my readers with that last paragraph, if you’re still here, you’ve actually got a shot. The rest of ‘em will be out of business shortly.
If you want a quick business turnaround, here’s what you need to do.
First, you need to take inventory of everything you have to work with. In my Business Bailout Workshopvwe call this a W.I.G. Assessment. (What I Got Assessment).
This is where you take inventory of everything you have to work with.
Most business owners will start out by saying they have X employees, X square feet of space, X number of websites and so on. And that’s a great start. Those can all be used.
However, the W.I.G. Assessment goes beyond that. We also consider every list, every person you know, every relationship you have established as an asset we can potentially leverage.
For example, it’s about 8 times easier (and cheaper) to sell to someone who has already done business with you again than it is to go out and sell to someone who has no idea who you are yet most business owners spend the bulk of their advertising and marketing dollars trying to get those new people in the door and neglect the people they already have.
So that’s one great place to start. Go out and make offers to your existing customers. You can do that, right?
Another big opportunity most business owners miss out on is price. I was guilty of this when I first got started as well, so I know exactly how this thinking goes, and it took me a while to wrap my head around the idea that it was stupid to try to be the cheapest vendor in a marketplace (in my case, it was sunglasses).
Here’s a simple way to get more money. Raise your prices. If your business has less people coming to it than before, then you need to make each of those people more valuable. Most business owners do the opposite and lower prices, and they accelerate the speed at which they get to show up at bankruptcy court.
Of course, you want to provide more value with your price raising. What about those people who care only about getting the cheapest price? To hell with ‘em. Only about 10% of people actually make buying decisions solely on price. And for some, it’s not a consideration at all (those are the people you want).
I hope these quick tips have given you some ideas on what to do next to get your business turned around fast. The next step is to read my free whitepaper, The Business Bailout Plan available at BusinessBailoutPlan.com. It’ll give you a few specific strategies you can implement right now to get your business on track again.
