Are you a small business looking for ways to rebuild your brand, revive a failing business and get back on your feet?
One of the realities of entrepreneurship in the 21st century is that businesses will fail…
Brands will go out of extinction. And entrepreneurs will switch careers.
Well… Data says it all.
According to a report by Gallup, one half of all businesses in the US fails within the first 5 years.
Again, another report in the UK confirms a total of 60% of all businesses will fail within the first three years, owing to one reason or the other.
As someone that’s had to manage and consult for small businesses, I understand and I’ve had to wear your shoes several times.
So, I know where it hurts.
That’s why I am creating this small business guide to help you revive your failing small business and get back on your feet.
In the following paragraphs, I will be sharing with you 9 strategic steps you can take today to revive any small digital business and get back on your feet in just a few weeks…
Evaluate your business
Life is ruled by the principle of cause and effect.
As a small business owner, some of your actions and inactions are the things that led to the result you have with your business today.
To change your outcome and revive your failing business, you need to figure out what’s causing the failure.
To get this done, start with a personal audit of your actions, all the things you’re supposed to do in the normal cause of business.
Get out two lists.
In the first list, write down everything you’re supposed to do in the normal cause of your business which you’re actually doing.
In the second list, write down the ones you’re supposed to do which you have not been able to do either for one reason or the other.
List out everything in details.
Go through the first list again and ask yourself, am I doing these things judiciously as it is supposed to be done?
If you’re a content creator for instance, this is where you’ll ask yourself, am I creating content at the right time?
If at all I am, am I sharing it on the right social media platform, to the correct target audience?
For the second list, find out if you were to have done these things, how would it have impacted your business?
These questions will help you to analyze what went wrong, why, how and the answers you get from here will shape the solutions as you figure out the way forward.
Re-assess your target Market
Are you really targeting the right niche market?
One reason a lot of small businesses fail is not just because they don’t have a good knowledge of the market…
Most small businesses fail because they try to sell the wrong product to the wrong audience.
While working on plans to revive a failing business, one of the things you need is to know your audience, know what they want and know the price that works for them.
You also need to be able to differentiate between having a product in the market and having the right product at the right price and in the right market.
This knowledge will help you.
Analyze your Market
Find out, how’s the market positioned today as compared to when you started your business?
Is the market still in need of your product and services as it is or are there some changes?
A lot of small businesses are trying to revive a dead horse.
They work so hard to revive businesses and services that are no longer needed.
Truth is, most times this will only end up as effort in futility and sometimes you don’t even get to notice it.
That’s why sometimes, you need to do a market research to find out what’s working with your target audience.
To figure this, you can do a direct market research by asking questions via questionnaires or have a look at what your competitors are doing.
Review your Brand
One of the causes of small business failure you’ll hardly ever suspect is your brand.
Sometimes your small business could be failing either because you have stopped delivering on your promise as a brand or the brand itself has lost its appeal.
You’ll never know until you have a quick review of your brand.
That’s why at this point you need to find out, as a brand, are you still serving your target audience the way you’re supposed to or are there things you can do to make things better?
A handful of struggling businesses have gained improved growth after they made some changes to their brand.
Perhaps this could be one of the biggest shot you’ll take to revive your failing business but you’ll never know until you review your brand.
Create a Goal
Now that you’ve been able to figure out what happened to your business, the next step to revive any failing business is to find out the way forward.
So, where do we go from here?
To answer this question you need to clearly identify the things you want to achieve going forward.
This is the point you have to set out a realistic goal that can be achieved within a set time frame.
Remember, this is not the time to write down numerous goals.
Pick out one or two things you want to achieve with your business and write it down.
Design a Strategy (Business Plan)
One of the major reasons why small businesses fail is lack of a realistic business plan.
After creating your goal, the next step to revive a failing business is to design a new business strategy.
Considering that during your evaluation at step one, you were able to figure out the reason why the other strategy failed..
The next thing you want to do right now is to get a new strategy different from the other one.
It doesn’t matter that you don’t know it all. What you want to do is to come up with a research backed strategy that will help you to achieve your new goals.
While getting your strategy together, be sure to keep room for readjustments, in order to square up with the new realities.
No matter how good it is, your business plan is nothing but a plan on paper.
Implementation is the only way you can bring it to life.
So, now that you have your business strategy all set out, if you want to revive your dying business here’s the time to bring it to live.
Put in your best effort to implement every bit of your business plan.
While at it, be sure to keep track of what’s bringing in improved results and what’s not.
Sometimes, collaboration could be all you need to revive a dying business.
Although in some cases, a lot of small business owners always refuse to accept this option sometimes out of shame and some other reasons…
There’s nothing shameful about pulling resources together with another business if that’s all it will take to save your business from dying.
You could consider doing this as mergers or simply collaborating to deliver some services, sell products or combine effort in mutually beneficial ways.
Measure your Outcomes
As you’d probably know, one other major reason lots of businesses fail is because they fail to measure their outcome.
And when you don’t measure your outcome, you don’t know if there’s any improvement or not.
As some one focused on reviving your dying business, from time to time, you need to review your outcomes.
This will help you to understand if the steps you’ve taken have been able to deliver any result or not.
Let’s say you’re a content creator for instance; to measure your performance, you’ll have to on a monthly basis review your content strategy, posting platform and overall results.
Find out, did your strategy deliver on the expected outcome?
Where you realize there’s no improvement then you’ll know it’s time to re-strategize and try something different.
As a matter of fact, it’s very possible to revive a dying business and get back on your feet.
A lot of businesses have been doing this. And if you find yourself here, there’s nothing to be panicky about.
The one thing you always want to remember is that you need the right results for your effort.
And to get the right efforts, you need to take on the right strategies.
Right now in this guide, you have all the right strategies you need to revive your dying business.
But the question is, are you ready to use these strategies? The choice is yours.
Remember, if you find it difficult to get started on the right footing, we can hold you by the hand no matter the level you are with your business. Let’s get started here.
Now, it’s over to you! Which of these strategies have you ever taken a step to implement in your business?