Putting new life into an existing business

Posted by By at 22 October, at 15 : 03 PM Print



TGRWEB_400x312For any small business owner, there comes a time when you reach a stage in the business life cycle where you feel like business has stopped moving forward and is just going through the motions, writes John Corias.

This is the point where many businesses either leap forward into a new cycle of opportunity and growth or wither and die. This can happen either through boredom and lack of motivation, or perhaps just an inability to know how to progress the business into a new phase of growth and opportunity.

As a small business owner, it was more than likely your entrepreneurial spirit, combined with a passion for a particular product or service, that enabled your small business to grow from an idea into a real money making organisation with its own identity and branding. Harnessing and rekindling your passion is the primary key to generating a new level of growth. Once you have that renewed spark – and often it will take a period of being away from the business to allow the spark to be reignited – there are various ways and means of harnessing potential growth. Not all of these will apply to your small business for varying reasons; however I’m sure something here will spark an idea for you to think about.

When you initially set up your business your location would have been carefully thought about and analysed for its strengths and weaknesses. Times change and businesses need to be flexible in terms of being able to relocate to where the customers are. Perhaps your retail centre has become rundown and the new shopping mall across town is now the cool place for your target market to hang out. If this is the case, no amount of marketing can replicate the move to a new shopping centre. Perhaps other circumstances have changed in your present location – while these changes may have been out of your control, moving to a better location is something that you can control.

Often businesses that sell a particularly specialised product are limited in terms of being able to either up-sell or cross-sell other product lines to existing customers. If your product line is no longer selling the way it has in the past, then reinvention is needed – even if it’s a new way of selling or a new angle to get customers interested. Just take a look at the way fast food chains constantly bring out new limited edition products to keep you coming back.

Perhaps your products are still popular and will sell well, but it’s your store that needs a makeover. Picture yourself outside two stores selling identical products; one has a cool logo and shop front and the other looks tacky and dated. Which shop would you enter first? Customers walking past your store need a reason to not just turn their heads, but to follow their feet into your store. From there, product placement, pricing and customer service take over, but none of those things matter unless you can get the customers through the door.

Did you know that only 27% of small businesses in Australia have an online social media presence? This presents an amazing opportunity for the savvy small business owner, especially when you take into account the fact that 11.8 million Australians have a Facebook account and spend, on average, six hours a week on Facebook alone. Engage a social media expert to see if your business can be tailored to take advantage of the fact that not all of your competitors are online. Facebook can be used in so many ways, from offering exclusive deals, advertising your menu online or just introducing new products to the general public. You’ll often get a great sense of the likely success via this medium as well, before investing too much of your much needed cash flow. Of course, there have also been some social media horror stories where inappropriate materials or comments were posted online for the whole world to see, so the small business owner must take an interest and not leave the whole social media aspect to one employee or social media specialist.

Another way to spruce up your business is to collaborate with nearby businesses to form joint marketing material or to conduct cross-promotions and advertising. This can either be a suburb-wide exercise or just tailored to your specific location…

 

Excerpted from an article originally published in the Nov/Dec 2013 issue of Think & Grow Rich Inc. magazine. If you are a subscriber to Think & Grow Rich Inc. magazine, you will receive this article in your Nov/Dec 2013 issue of TGR. If you are not a subscriber, click here to subscribe.

Entrepreneur, Expert Advice, The Core


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