Tag Archives: success

10 Ways to save your sinking business

Businesses go through many phases over their lifespan. During certain seasons the sales can go through the roof and during other periods, the sales may dip. But what happens if your business is experiencing slow sales for a long period? When the customers aren’t flocking to your business in large numbers like they used to? Your business might be sinking rapidly and you need to find ways to save it.

Find out where the problem lies

Is it poor management? Failure to implement marketing strategies? Lack of experience? Or maybe you won’t take risks? When you find out the why your business is failing you’ll be able to find solutions to help revive it back to life. You can’t implement strategies effectively if you only cure the symptoms and not the real problem.

Figure ways you can save your company:

Rebrand

In order to save your business, you may need to rebrand your company. Rebranding is great when you want to grow your business and reach a new market. The market you may want to target could be based in a specific demographic, you could want to reach more woman or a younger audience. Rebranding involves more than just changing your company slogan and logo. It also involves changing the vision and mission of the company but when you do this you need to keep your target market in mind. Will your new brand appeal to them? Will the risk pay off? Make sure your brand distinguishes you and is in line with what your company stands for.

But before you rebrand your business, make sure you first find the root cause of the problem. There’s no point spending money changing your company’s branding strategies only to find that the reason your company is performing poorly is that you offer poor service. Make sure you find the real cause of the problem first.

When should you rebrand?

If the name of the company no longer serves its purpose then it may be time to change it to something else. Or maybe the name doesn’t fit with the market you are wanting to acquire.

If your brand doesn’t stand out

The marketplace is competitive and for a business to be sustainable, it needs to be the fittest in order to survive. And a key way to help it succeed is to set it apart from the competition. Consumers need to be able to differentiate your business from the rest of the businesses in the marketplace. You can take a gamble and rebrand your company. The more you stand out, the more you’ll be memorable to your target audience.

Ask customers

Your customers are the ones taking money from their pockets in order to make use of your service or buy your product, so it would make sense to ask them for feedback. Ask them to rate your service. The feedback could help you solve problems. Do your customers feel well connected to you? Does the advertising you use to appeal to them?

Offer what your customers need

Does the product solve the customer’s problems?  You may be providing a service which customers don’t want. If the product doesn’t appeal to your clients, go back to the drawing board and find something which will cater to their needs. Because if your customers aren’t satisfied, your business won’t survive. Align your marketing strategies and product model to suit the needs of your customers.

Outdated technology and skills

We live in a world of ever evolving technology and it may be your business is using outdated software or skills. When you’re falling behind in technology, you won’t be able to keep up with the competition. If your customers are using certain social media platforms to access the competition and you don’t use those platforms, you’re in trouble and you may lose out on a huge market. Make sure you keep up to date with the latest technology so you can keep up with your customers.

Check your finances

If money is the main reason your business isn’t doing well, you may want to look at your spending habits. You may need to cut down on unnecessary spending which could be costing your company each month. You may need to bring in outside help in order to help you figure how to solve your financial problems.

Merger

You can merge with another company. When you merge with another company you can lower costs through economies of scale and also have access to their customers. A merger will require financing and you can acquire funding through corporate finance.  

When your business is experiencing failure you need to go back to the drawing board for a fresh approach. Find the reason why your business by collecting data, asking customers and looking at your expenditure. Once you’ve found the root cause you’ll be able to find the best solution to help your business.

How to set up your team for success

Do you have a new team or are you starting a new project? Most teams rush straight into the work without having clear agreements in the beginning about where they are going or how they want to get there. The key ingredient for a successful project is clarity. If you want to set your team up for success, you should be clear about your project’s objectives and each team member’s role and responsibilities.

Don’t wait until you hit a bump in the road and then be forced to work out agreements in the midst of frustration and confusion. This is when conflict can arise in teams. Therefore, it’s important to clarify your expectations upfront to set up your team for success.

To lead a team effectively, you should try to establish rapport with each member. The most successful managers build their relationships on trust and loyalty, rather than fear or the power of their positions.

Here are a few ways to set your team up for success.

Start before your team does

The first thing you should do, before sitting down with your team, is to clarify your project’s objectives. This step, which is essential to successfully complete the project, is likely to be dictated by the client. Or if the project is an internal initiative, by your company’s management. It’s best to create a resource plan before starting the project. This plan should include details of the budget, hours needed for the project, the number of people included and the required skills necessary to tackle the work.

Many team members may work only part-time on the project, stealing time away from their regular responsibilities. If that’s the case, speak to their line-managers first before the project begins. That way you’ll have some understanding about what to expect from  each team member.

Clarify the roles and expectations

Try to reach out to each individual team member and nurture a relationship. Do this before the team’s first meeting. In doing so you’ll be aware of each member’s personality type and skill set. As a project manager, you should try to make the lives of your team members easier. While they are working on their individual tasks, you can clear obstacles from their path. Help them to meet deadlines, look for more resources or find more time to complete the project, if you must.

If your project involves both the business and technical side, make sure both share the same goals. Different agendas and opposite expectations often delay the progress of the project.

Set the right tone

You will play a big part in explaining the work tone of your team, especially at the beginning. You should talk to your team in a way that makes a positive impact. Remember that negativity can poison a team’s mood and effectiveness. Try to strive for an upbeat team spirit and an undivided team attitude. As the well known French author, Alexandre Dumas, said: “All for one and one for all.”

Having a sense of humour in a team is key. A fun environment can prevent a stressful situation. It’ll also help to get the most out of your team members. Instead of focusing on the problems why not turn your focus to the solutions? It can go a long way in maintaining a cheerful and positive atmosphere.

Foster the right behaviours

It’s important that you show your team how you expect them to work with your own good habits. As the saying goes, “actions speak louder than words”. A lot of obstacles will arise and you should overcome them calmly and openly. That way your team will learn the right way to respond to difficulties. You should have a life outside work to maintain a sense of balance and calm. There will come times when you have to work overtime to support team members to meet stressful deadlines. You should do things the way you’d like your team to do it. Try to set an example.

Deal with individual team members

If problems arise, don’t deal with the team as a whole. Instead, talk to team members individually. Some people will need hand-holding while others hate it. Some team members respond to a strong push in the right direction and others go into a mild depression if you’re too hard on them. It’s important that you know how to deal with each team member individually. You can do a project management training course to learn how to deal with different types of personalities you can find when working in a team. This course will also teach you about team management.

Being a project manager is quite a big role and you should be ready for what’s coming. And it all starts with getting your team ready. Together with your team, you should set goals in order to reach your full potential and make a success of the project.