2020 was an unprecedented time in business. Changes came quickly and with no time to prepare. If your business suffered because of this, you’re not alone. 2020 may have hit hard, but there are nine ways you can get back on track.
1) Do An Honest Assessment
The first step is to do an honest assessment of where your business is right now. Here’s how you can start.
- Take stock of your financial situation. How much damage has been done?
- Look at your sales records. How many products are you selling, and how many do you need to be selling?
- Have your issues been caused solely by the change in the business world or are there underlying issues?
You have to be willing to address and acknowledge how bad the actual situation is before you can begin to revolve it.
2) Cut Back Where You Can
Cutting back isn’t an enjoyable task, but it is a necessary one. Here are a few ways your business can cut back.
- Eliminate non-essential roles. It’s never easy to let someone go, but you can’t always avoid it.
- Reduce the amount of space you need. Reducing the space you need may allow you to move to a smaller location with less overhead costs.
- Don’t take on new projects. Focus on the core products that can make you the most money.
Getting back on track requires eliminating non-essentials from your business. Identify what your biggest spending areas are and look for ways to reduce them.
3) Streamline Your Daily Processes
You can save money by combining some of your daily processes by purchasing an ERP application.
- An ERP (Enterprise Resource Planning) application helps save you money by streamlining daily processes.
- It helps with customer management, sales, and managing supplies.
- Expert consultants at JD Edwards Software can handle your business systems so you can focus on your customers.
An ERP will help you get on track by handling the little details so you can focus on the big picture.
4) Observe Your Competitors
Are your competitors struggling? If they made it through 2020 without major problems, you need to find out how.
- Find out what products are selling the best for them.
- Research what their business model is.
- Look for press releases containing information on changes they made to handle the pandemic.
- Determine what the key differences are between their strategy and yours.
- Draft new policies that take what you’ve learned into account.
Observation is a great way to learn. Study your competitors’ response to the problems that have hit your industry.
5) Change Your Strategy
It’s time to rethink your business strategy. Some meaningful changes that can help get you back on track include:
- Utilizing new marketing strategies. Create new ads and try new promotional platforms.
- Evaluating your budget and financial plan. Look for ways to use the money available to you to create meaningful changes.
- Trying out new sales tactics. Experiment with email campaigns vs. calling campaigns.
- Re-thinking your overall approach to the business. Sometimes a new mindset is all it takes to spark positive change.
Changing your strategy can be the move that changes your whole business.
6) Go Back To Basics
Strategies that help build a successful operation from the ground up can be applied to get a business back where it needs to be.
- Plan out your venture. What can you do to give the business a brand new start without actually starting over?
- Talk to experts in your field. Look for a mentor who can offer insightful suggestions on how to improve your business.
- Decide if applying for a small business loan might help solve some of your financial worries.
- Re-discover who your audience is and how best to go about targeting them.
Going back to basics is a good way to re-evaluate what works and what doesn’t.
7) Set Realistic Goals
It’s important to understand what you can realistically do and how long it will take to accomplish. Help yourself set realistic business goals by:
- Keeping your timeframes realistic.
- Not overwhelming yourself and your employees with more work than can be done.
- Studying your past achievements to see what strategies have worked well in the past.
- Creating a list of your available resources.
Goals can only help you if they’re achievable. Keep yours realistic so you can see the results.
8) Review Your Organizational Structure
Sometimes problems arise due to a lack of oversight. Evaluate your organizational structure to make sure that isn’t the case.
- Ensure that each of your employees knows what they’re responsible for and who they report to.
- Evaluate the managers you have in place to make sure they’re taking their responsibilities seriously.
- Pay attention to how many people come to you with problems. You may benefit from designating one or two people to report to you daily.
- Hold briefings to update all of your employees on where the company stands and what’s being done to address challenges.
You need to be aware of what’s going on in your company. However, that doesn’t mean you need all of your employees running to you with every issue. Create a hierarchy that allows you to focus on what you need to get done as the boss.
9) Re-commit To Customer Satisfaction
Your customers want to know you still value their experience with your business. Let them know that you do by re-committing to customer satisfaction.
- Ask for feedback on how your customer service can be better.
- Pay attention to common complaints and see what you can do to solve them.
- Reach out to customers via email to offer discounts to try to bring them back to your business.
- Ask customers to leave reviews or respond to surveys after they receive their product.
- Go above and beyond. Get the product to them sooner, include samples, whatever it takes to make them feel special.
Re-committing to customer satisfaction lets the people who support you know that you’re still here and they still matter.
2020 was a bad year, but it doesn’t have to spell out a bad end for your business. Use these nine tips to get your business back on track.