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6-Steps on How To Fix a Business That is Failing
You desperately want to know how to fix a business that is failing. Your business hit the skids and maybe you're unsure why? Maybe your business began it's journey thriving, and suddenly revenues recently plummeted? Relax. We've been there, and we can help you! If you can just hang in there and stick with us through this two part article, do exactly what we tell you, your business will recover!
With over 5-years in the industry of Entrepreneurship, Investing, and Business, Sirius Design Group understands the complexity of business strategy. In fact, we have helped over a dozen clients that came to us with business struggles. Moreover, we pride ourselves in our ability to help clients in this way. It gives us great satisfaction to take something that is failing and make it a success! Our Mission is Inspiring, Empowering and Motivating with Entrepreneurship in the 21st Century® so of course we want to help our clients succeed because this aligns with our core values!
While every business is unique, there are always common themes taking place within the business that are completely correctable. In fact, we believe that 9/10 issues are totally correctable, so we've compiled this two part guide to help you get back on your feet in no time!
Step 1 - How to Fix a Business That is Failing: Fix your Attitude!
Wait a minute - You A*hole!
I'm sitting here reading this article looking for REAL advice that's going to work! Why are you telling me that the first step to fix my business is to fix my attitude? This is a complex answer, so we're going to drill it down to a single paragraph for you. While seemingly simple, this is where we start with clients coming to us looking for advice on how to fix a business that is failing.
In ancient scriptures it is written: "As Ye Soweth, So Shall Ye Reap." But what does that mean exactly? In fact, it might even seem like it just applies to farmers, to carrots and agriculture. Well it does, but guess what? It applies to your thoughts as well, and your thoughts create your entire reality. The entire Universe governs itself by a series of "Universal Laws" such as Gravity. If we choose to disobey gravity, it matters not if someone is rich or poor, good or bad, if they jump from a tall building, they will hit the ground! Just like Gravity, there are other "Laws" constantly in operation as well.....
The Law of Cause and Effect
Decrees that for every cause, there is an effect, and every effect a cause. Buddha taught this, as did Jesus and others. In fact, all of the world religions teach this in some form or another. It matters not if you believe in "nothing" either, because these Universal Laws operate regardless. Therefore, if you want to know how to fix a business that is failing, you must first analyze your thoughts - which are ALL CAUSE.
By watching the videos on Our Legacy page, you'll better understand more about what we're telling you here.
You are not a victim, and no you are not "being punished" either! The Law of Cause and Effect operates without the slightest allowance for ignorance, belief, or whether you are a "good person" or a "bad person."
Great. I sort of understand all of that, but what about my business?? Well all of this means that somewhere along the lines, you took your business, employees or even clients for granted. Or maybe even before beginning the new business venture you lacked belief in yourself to succeed with it, or that it would "work for you."
The Good News is...all of this is completely correctable!
By choosing to Be Grateful.....
Think about this for a moment...while you contemplate - how to fix a business that is failing....you may see the answer becomes pretty darn clear!
When was the last time you sat down and appreciated your health, your new business, your business partners, or your clients? Do you take a moment each day to think about the loved ones in your life and appreciate them? Are you a complainer? Or a Good-Finder? Do you tend to look for the worst in things? Or the best? Stop for a moment and have an honest look at your OVERALL ATTITUDE toward life, people, and circumstances. Therein lies your answer. Once you look within and have your honest answer - you will see the remaining 5-steps becomes easy on how to fix a business that is failing.
Before we carry on to the remaining 5 steps, we want you to stop right here and watch this video....
Great now that you watched that, you can understand where you went wrong. You can now choose to begin thinking in positive terms, and have GRATITUDE for the solutions coming to you. In fact, after doing that, you'll see how easy the remaining steps are!
Step 2 - How to Fix a Business That is Failing: Upgrade Your Marketing Skills!
Not every business owner is a marketing whiz, and that's ok. Before starting a business venture for the first time, an Entrepreneur must take an honest look at their shortcomings. No one is perfect and no one is perfect at everything they do.
Successful Entrepreneurs are WILLING TO HIRE those who are better than them in a particular area. For example, branding and marketing. In fact, truly successful entrepreneurs are life-long learners. They constantly strive to improve themselves. Spend a few months doing some online e-learning, watching free youtube videos on marketing strategies, grow your marketing skills.
Internet Entrepreneurs looking for advice on how to fix a business that is failing need to understand the importance of traffic. Not just any old traffic, but targeted traffic. This comes in many different forms, everything from social media, to SEO, to pay-per-click advertising on Facebook, and AdWords.
If you currently lack the capital to do the above, start by upgrading your attitude as described in step 1, and then invest your time into LEARNING about marketing!
Step 3 - How to Fix a Business That is Failing: Pricing and Sales
Once you got a handle on step 1, and 2, it's time to advance onto step 3. Pricing and Sales. The importance of pricing begins with charging what the markets will bear. In fact, one of our past clients was a local dentist who charged upwards of $600 dollars for a cleaning! Simply because he "thought he could, and my office is better than everyone else's."
This attitude got him into trouble. His prices needed adjustment - badly! We worked with him, and crunched some numbers figuring out he could charge a mere $130.00 for a cleaning while still maintaining a 70% markup!
Within 6-weeks, the P&L for his business completely reversed! It went from being in the red, to BLACK! Not only that, he doubled his customers thanks to his new reputation as being "one of the best priced dentists around."
Internet Entrepreneurship is no different.
You must be fairly priced for your niche or market. This involves doing adequate product and market research prior to launching your startup. Our resources page provides you with a list of legal, financial and marketing resources.
For example, if you are marketing a fitness product, such as "workout gloves for teenagers," you would refrain from charging high prices, because teenagers generally have less disposable income than adults. While this might seem like common sense, it's commonly overlooked.
Sometimes a simple price adjustment is the simplest approach giving your business a quick rebound into the black!