If you’ve clicked through to read this article, the chances are your business is a little bit stuck at the moment. The phones aren’t ringing, your inbox is empty and your sales team aren’t delivering the goods. You could of course, put it down to Brexit, or the Election result or even the hot weather, but that doesn’t help to get things moving again. What you need is a plan of action, a business turnaround plan to get you back off the blocks and below we’ve listed some key pointers to help you do just that.
It’s time to cut needless expenses out of the business to give you more money to spend on creating new business. Here’s what to check:
- Technology – Are you paying for software you’re not using? Are there cheaper alternatives to the software you do use? Are you getting the best value from your IT support contract? Are there any contracts you can renegotiate?
- Utilities – Don’t pay over the odds for your electricity, water, gas or internet. Shop around and you could save big
- Rent and business rates – Do you really need that expensive office in that exclusive postcode? Do all of your employees need to come into the office every day or can you hot desk and downsize your office space?
- Staff – Is every member of staff adding value to your business? If not, why are they on the payroll? What about your sales team? Are there individuals that always have a deal “just round the corner” that never closes? If so, it’s time to give them a deadline to close their deals or find a new job.
- Your bank statement – Last but not least, go through your business bank statement with a fine toothcomb. You’d be amazed at what you’re probably paying for on a monthly basis that you hadn’t accounted for. Eliminate all unnecessary expenses and question any payments you don’t recognise.
Go back to basics
For many business owners, the idea of writing a business plan when you’re already years into your journey could seem like a waste of time. After all, you know your business, you know your industry and you know your clients, right? But times change and if that were the case, the business wouldn’t be in the position it’s in today. A business plan forces a business owner (or leadership team) to ask itself questions about the business that are often overlooked. It questions the assumptions a business has been built on and can lead to genuine business insight which can help to reshape the company going forward. Putting a business plan in place with strategic objectives and revenue targets for the next 1 – 5 years helps to focus your mind and your business development activities on achieving those goals at all costs. Most importantly perhaps, it can help to justify any expenditure needed to change the business to meet those long-term objectives. The savings you made in point 1 should go some way to help pay for any changes that need to be made.
Look at the market and adjust your message
Following nicely on from point 2 – if you’ve done your business plan correctly, you’ll have taken a deep dive into your customers, your competition and your industry. That means you will hopefully have identified if your customer’s needs have changed. You’ll also have noted if the industry or most importantly your competition are talking about the product or service you offer in a different way. Ask yourself, is your message and your offering still as relevant today as it was when you set up the business? If it’s not, you need to adapt to survive. Failure to do so will almost definitely result in the failure of your business.
Having a business that is not hitting its sales targets is not just a worry for business owners and CEOs. It’s a worry for employees too. It’s important to explain the predicament the business is in to employees, particularly if you’re planning on making changes. Make sure they understand the gravity of the situation and their role in helping the business move forward to better times. By keeping your team in the loop, there will be less pushback about any changes that need to be made and it may even work to your advantage by bringing everyone together to work towards a common goal. Remember, communication is not only about delivering bad news. It’s important to celebrate the good news too so be sure to make public any big business wins.
Put a comprehensive sales and marketing strategy in place
A common theme with many companies that find their sales figures heading south is their reliance on just one method to get new business through the door. Enterprise software companies for example, tend to focus heavily on using sales teams to make outbound, new business calls. E-commerce websites rely heavily on Google Ads, whilst restaurants tend to rely on review sites and online guides. Of course, they use these methods because they work, but they need to be backed up with secondary and tertiary business development channels at the very least. This means that when one method is drying up, the other methods can pick up the slack. A good business will use an array of business development tools including Google PPC, social advertising, blogging, email, events and outbound calling.
Don’t get complacent
So you’ve reshaped the business and things are looking good. Now it’s time to sit back and reward yourself for all the hard work you’ve put in… or maybe not. Industry leading companies are always looking for new ways to drive their business forward. They want to be ahead of the competition, trying new ideas, engaging with potential clients in different ways and innovating wherever and whenever possible. It’s a good strategy to have. The best time to try new things, is when you’ve got cash in the bank to absorb anything that doesn’t work out. If it does work out, you’ll be in even better shape should you run into difficult times again in the future.