Ever wondered why your business isn’t taking off like it’s supposed to? It’s been a couple of years now, you’ve got your nose to the grind, pushing hard day in and day out but the profits are just not there. Before you decide to throw in the towel, take a step back and take stock. Here are some common mistakes you may be making with your business and how you can fix them.
Pay Attention to Business Structure
Most people go into business with a very basic idea in their heads: find capital to manufacture the product and put it out there into the market. Or if its services you set up offices somewhere, call yourselves something impressive and wait for the clients to come rolling in. Business doesn’t happen like that. Business needs more structure from someone who knows the field inside out. If you’re current business model (or lack thereof) isn’t showing results, hire small business consultants who will evaluate your business structure and point out the flaws in it.
Sometimes, you might need to throw the models out the window and try something radical; sometimes, it’s all about sticking to something that’s tried and tested. Small business consultants are experts in moulding small- scale businesses into profitable giants, so follow their advice.
Pour that Money into What Matters
Businesses eat up money when they start off because it takes a while to get in on the ground level. In the meantime, lay off unnecessary expenses as well as unwise investments. Your business consultants can help you with this. Instead, invest in R&D if you are working with a product, because once you perfect the product, it will sell on its own. Or if it’s a service, invest in quality advertising. Buy a TV spot, a radio slot or do online advertisements with Google or social media sites. Many people nowadays get their information not from physical sources like the newspaper, but from the web. So targeting your marketing to the right crowd can have huge dividends. Make sure you have an expert marketer who knows which angles to work when and how so that you get the maximum benefit.
Change up the Competition
Your business might also be failing because there is too much competition and the market is saturated. Five years ago, no one had thought of selling products over social media, but now there are entire pages dedicated to selling goods and services previously only available in stores. Likewise, if you feel the market is too thick, change up your product/ service, or try a different angle. For instance, if you are doing retail jewellery and you’re selling online, there are so many options to choose from. So do something different: you can change the business into a jewellery ‘rental’ with hygiene guaranteed; you can allow customers to “live” with the piece they want to buy for a few days before they do; you can offer a 360° viewing of the pieces on your website etc. Do something that makes you stand out from the crowd or you will get lost in it.