If you make it as a start up you’ve done better than around one in five. If you’ve lasted more than five years, you’ve done even better. But there’s always a need to boost further. To take it to the next level. Keeping a business in a strong position is hard because it means you need to plan for variables. Think of the year most businesses have had. Coronavirus has ravaged many businesses. Some have gone into administration, even the huge, international ones. Others have gone bankrupt completely while many have been forced to make redundancies. The point being, not many businesses if any, even if they say so, would have been ready for Covid. Lots had to adapt on the fly to ensure their businesses stayed viable. Keeping a business strong certainly requires dexterity of thinking, and unfortunately, maybe a little luck. You also need to understand that each business is different. Even if they’re in the same industry. This is because people are completely unique meaning businesses are run differently, so be careful when reading advice. Don’t apply it in a blanket approach instead, apply it in a bespoke manner to your own business. There’s also a difference in boosting your business. Some boost ways give it a boost, but will then come back to previous levels. You can’t rely on them indefinitely, you need to use them properly and make the most of them as they pop up. Here are some top tips and ideas to get you started and keep your business strong.
Always Have Contingencies
Contingencies in business are vitally important. If something goes wrong, then what? Having contingencies in place means you’ll survive and live to fight another day. Imagine a steel mill, if all the machines were to shut down during a day, how are you going to fulfil your order? Will you have backup generators? Contingencies allow businesses to thrive amid bad scenarios. For example, it’s good to look at Family Business Estate Planning in case something bad were to happen to you to ensure your business could still run properly. If you’re dependent on the internet to run your business, you need to ensure you have backups which can help you if it suddenly got cut off. You don’t want any bad reputation for your business. How can you keep it running? Can you easily switch providers? These are the questions you need answers too. Contingency is important and can see you coasting through problems which others really might struggle with. Sometimes it can be really hard to think outside the box and nail down these contingencies especially if you work in an extremely technical area. Everyone will have them, and every industry will be different, it just takes some effort in terms of research and planning on your part.
What Is A Strong Business To You?
Strong is different to everyone. Do you want a wide, global reach? Or perhaps you want high sales. Maybe you don’t want high sales, but you want each sale to be of more worth. You need to really sit down and work out your plan. Know what you’re working towards and what you want to make happen down the line. Then you can work on ensuring it stays that way. It isn’t always the same for everyone, neither is it easy. But knowing what you want to achieve and aiming for it instead of letting the business grow organically can have a huge impact. It means you take a hand and direct the business towards what you want. To some, this is inconceivable because their businesses aren’t moving at all, but that’s a different obstacle to tackle. If your business is moving, make sure you steer it in the right direction by aiming towards your definition of a strong business. It’s important to note here how industries differ, so make sure you check competitors to see what’s worked and what has not to take your business to the next level. You can also do this from an opposite angle. Are there any businesses in your industry who have recently gone bankrupt? Or failed outright? Because you can look at those and think about where they went wrong so that you don’t make the same mistake and go the same way. It’s not a very nice thing to have to do, but if you’re worried about a risk you’re taking, it’s always good to learn from people’s mistakes.
Take On A New Demographic
Most businesses have a key demographic. This can be men or women. Or maybe they’re aiming at students, or parents. Demographics are important and you’ve likely already identified them. It gives you an angle when it comes to product or service design, or advertising. To give your business a boost, then you need to think about gunning for a new demographic. There are a few ways you can do this. First, by simply angling your advertising strategy. If you think a product you’re selling will apply to other demographics, then that’s great and likely an easy win. The issues start when you design a whole new product. You need to be careful here because you could be pumping in a lot of money without properly thinking it all through. Ensure your products will land right, as well as the services you offer before putting it in a certain direction. This means doing some market research. Speak to people from that demographic with a prototype and ask them what they think. You don’t even need a prototype; you can just speak to people if you’d like to. Managed well, a new demographic can add a glut of sales to your business. Managed bad, and you’ll simply waste a lot of cash.
The More Who Know, The Better
People aren’t going to be able to purchase items or services if they don’t know you exist. You need to be present. In their faces. There are multiple ways to do this, but you need to audit your business to see what’s going on. Again, depending on what your business is, it needs a different approach. If you’re based on the high street or just have a physical presence, you need to target those in your local community. If you’re based online and ship all over the place then you need to widen your reach online. You’re going to spend money on it, so make sure you get it right. You need to get a strategy in place to ensure the money is spent well and that it’ll work. No point ploughing money into ideas without thinking them through all the way. If you’re online, look at your website, does it work, is it clean and easy to navigate, if not, consider looking at new ways to improve it. Then you need to contend with your SEO. Is your search engine optimization going well or are you hardly appearing at all. There are people who can help you with this but it just depends on how much you are willing to spend. If you’re on the high street, will posters and flyers be enough to get people to your place? Maybe you need advertisements or signage to be successful, or maybe you need to make the leap online to open up a whole new world of sales. The key point to remember is that the more people who know about your business, the more potential you have to make sales.
Offers, sales, coupon codes, or discounts. People love them. But if you can boost your business by bringing in these, then people might like your product and stay, meaning you get customers long term for taking a little hit on the full price of whatever you’re selling. You can approach this in a few different ways. Firstly, think about how you’re going to tell people you have an offer on. How will this work? Are you going to give them voucher codes? This works well when you’re online based. Or are you going to use physical coupons, great for businesses with physical locations. You can either give them out or post them around your local area. Some advertising is in order, but word of mouth carries a lot, especially when sales are concerned. Remember, you can’t use these too often. Companies who are always using offers fall into the trap where people will never buy from them when they aren’t using offers. Be strategic. One or two a year at most and be careful about it. Be consistent with the amount you offer off too. Ten percent, maybe twenty? Keep this the same time after time, because people might realize you were giving more off last time and wait thinking you’ll do the same again. If you are going to change the offer rate, call the offer something else entirely or at least make that particular offer valid for something else. Be careful with your prices. Don’t raise them right before a sale…people aren’t stupid they’ll catch onto things like that fairly quickly.