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The majority of businesses in the United States are small businesses. And, unfortunately, only about half of them will exceed the five-year mark. If you find that your business is losing ground, and you are unable to show a profit, there are things you can do to turn it around.
Money to Invest
Unfortunately, money can make or break a business. You can have terrific ideas to move your business into the green, but not have the funds to invest you’ll never achieve it. While you can borrow money from a family member, in order to stay afloat you need to have access to cash as the need arises. Thankfully, there are several loan options available for any small business. You can take a small business loan from a bank or other type of lender, take a HELOC loan against your home or use credit cards; however, the latter one can expose you to the highest interest rates.
Marketing is one of the most essential components to the success of any business, large or small. Without attracting new customers you remain stagnant at best.
Marketing is one of the most essential components to the success of any business, large or small. Without attracting new customers you remain stagnant at best. The good news is that there are several ways to target your audience, and at a relatively low cost. Social media sites such as Twitter and Facebook can give your business access to a lot of traffic that you can direct to your website. Email is another way for businesses to reach many people at the same time and with just a small out-of-pocket cost.
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Business owners may launch a successful campaign to attract new customers, but they often forget the benefits of their surrounding community. Having a presence lets you connect with existing customers and make new ones too. It also forms a long-lasting bond and helps to brand your company as not only reputable but as a member of their community. Sponsoring events or taking up a booth at the local fair will provide positive results.
If as many customers go out the back door as you bring in, you won’t grow. In order to reach the next level of success, you must maintain a loyal base and grow from there. Customer service is necessary to not only satisfy your existing customers but also separate you from other businesses that offer similar products or services. While you can’t please everyone, you can do your best to please most.
“A good business needs to start as a functional, basic idea. Let’s say you want to start a baked goods company. First, you should be able to make, package, and ship a great cookie. If you can create a cookie which could, theoretically, sustain your business indefinitely, then your idea is a good one. From the cookie foundation, you can build into other baked goods, expanding your business model. But you’ve started from a solid platform. Many businesses do not start from a sustainable mode, and it’s challenging for them to grow from that point.” – Is Starting a Business Right for Me?
Many business owners’ don’t utilize their existing customers properly. A loyal base can bring in many additional sales from their family, co-workers, and friends. Offering a small monetary gesture of appreciation can really get the ball rolling. Many companies already use this method to gain sales without the need for spending big bucks on advertising. As a result, you get referrals, and your existing customers feel appreciated, it’s a win for both.
Every business needs qualified employees in order to achieve success. Many companies now use recruiters in order to gain access to talented individuals instead of searching through a large pile of applications. Once you find them it’s also necessary to keep them in your employment. One way an employer can retain their talent is through incentive programs where the more sales they produce the more money they make. In addition to monetary incentives, employees want a decent benefits package that includes healthcare, sick time, vacation and yearly bonuses.
If your business is not gaining ground in the growth department, take a look at how you operate. Is your marketing campaign working, are you active in the community, and do you have qualified individuals on your staff? Do you also have funds available to invest in your business?