Spring is such a great time to take a fresh look at the status of your business. It’s also a good time to note if your business is struggling and your efforts up until now have not panned out. If this is the case and your business is struggling to make a profit, it might be time to take back control and do some reinventing and Spring Cleaning...
Many businesses have taken a hit in the past few years. If what you’ve been doing isn’t working anymore, it might be time to make some changes. Instead of focusing on changing the little things, which often has little impact, how about reinventing and re-evaluating your whole business? It’s time to really shake things up and get your stale business moving again.
Here’s some ideas:
Change Your Business Industry
One big reason profits might be down is if the entire industry has been hit. If everyone else in your particular market is having a hard time to, what can you do? The answer is – change industries.
Switching to an all new industry would be disastrous and potentially leave money on the table if you abandon all of your clients and contacts, so rather than bail out altogether try shifting to a related industry.
In 2008, when the economy crashed many of the men’s dating businesses failed. Even the ones that used to bringing in hundreds of thousands of dollars per month were suddenly just trying to keep their businesses afloat.
One successful entrepreneur actually had the guts to shift his business into a related industry before he lost everything. He moved into the “women’s dating” industry. This move helped him save his business and has done quite well for himself.
The thing to remember is your industry is not an island. No matter what type of business you currently do, there are probably half a dozen side industries you could move into. If your main industry is losing ground and you’re losing money, try expanding to a different industry.
Gain Ground with a New Product Launch
Nothing creates a buzz like the launching of a new product.
Take the Apple story for instance. It had been struggling for a few years with several different issues. The Apple3 was a dismal failure, costing the company a hundreds of millions of dollars. Steve Jobs left the company and then subsequently returned, providing a whirlwind of bad publicity.
Amidst all this failure, the launch of a single product, the iPod, raised them back into the good graces (and profits) of the business industry. Building on the success of the iPod they continued to bring excitement to the table with new iPhone and iPad. Now they are a technological powerhouse making billions of dollars a year.
You may think this doesn’t apply to you because your just a small business. That is true but the concept is the same. What new products or projects can you announce that would get people excited?
Market Your Business Differently
If your business is down trying out new marketing techniques may help. Research two or three marketing channels you’ve never tried before, that are completely outside the scope of what you’ve done in the past, and come up with a campaign.
For instance, if you’ve only purchased advertising in the past try guest blogging on a few sites to gain exposure or even try partnering for a big joint venture deal. If you’ve done PPC and SEO in the past, why not try advertising in a college newspaper? Have you been sending out press releases for your events and product launches? If not, now’s the time to start.
ACTION PLAN: If your marketing formula isn’t working anymore, change it. Instead of making tweaks, try making big changes to see what works and what doesn’t.
The the first step to clarity is a clean out. An Operation Business Cleanout. My five-part program will show you how to find out what’s really working in your business, clear out the things that are keeping you from greater success and remodel your business for long-term success.
There’s no better time to start than now so go HERE to get started on taking control of your business.