Starting a new business is an exciting time, and you’re likely to have a lot of expectations – so when things don’t go according to plan, it can be disheartening. Luckily, there are things you can do if you find your business is struggling. Here are 6 ideas for getting back on track and kickstarting your business’ growth.
1. Customer feedback
Customer feedback is helpful to all businesses, from new start-ups to long-running, successful companies. But it’s particularly useful for struggling new businesses like yours, as it allows you to find out why sales aren’t going well. It may be that customers have noticed a particular issue with one of your products or services, and once you know, you’ll be able to work towards resolving it. On the other hand, the problem could be that not enough people are aware of your business and what it offers – that’s where marketing comes in.
2. Marketing
To attract new customers and boost your sales, consider your advertising strategy. If your sales are stagnating, you could help your business by changing how you advertise. If you rely mainly on online adverts, why not try out-of-home advertising instead? Large adverts such as posters and billboards can be very memorable, which is great for attracting new customers. If you’ve never used out-of-home advertising before and aren’t sure where to start, there’s plenty of help available, such as the Clear Start Programme.
3. Ask for advice
Talking to other people who have successfully started businesses is a great way to find out what worked well for them, as you can adapt their strategies to help your business. You can also use this opportunity to learn whether they encountered any issues in the early days of their business, and what they did to overcome these problems. This might prompt you to think of some new ways to kickstart your business’ growth.
4. Keep trying new things
If something isn’t working, it’s time to generate some new ideas. For example, if one of your products or services isn’t selling well, even after you’ve taken customer feedback onboard, you might want to start thinking about what you could replace it with. Do some research into the market and into your customer base and consider what you could do to appeal to the current demographics.
5. Explore new ways to connect with customers
Your business should have a website that displays your contact details somewhere visible, but there are other ways to let customers stay in touch with you. Establishing a social media presence for your business makes it quick and easy for customers to ask questions and share their opinions – plus, you’ll be able to find out what’s being said about your business online.
6. Create a new business plan
If your business is struggling, it might be worth revising your original business plan. You could set a series of small, achievable goals for the business, then set a timeline for them – this will help you stay on track with reaching each goal. You don’t have to completely scrap your old plan, but instead, see which parts of it are still relevant and adapt them.
