How To Revamp Your Failing Business.

Are you struggling with a failing business? Statistics show that 3 out of 4 new start-ups fail in their first few years of operation. That's a huge number of businesses going down the drain. Steve Jobs (Apples CEO from 1996-2011), turned Apple from a failing company to a global respected brand. You can be the next Steve Jobs of this century.

Some well known reasons for failing business are lack of business skills, incompetent management skills, absence of undertaken business experience, financial dishonesty, negligence and natural disasters. In this article, i will be helping you to break the ice of redundancy and chart a new course to a more entreprising phase in your business.

The question is, are you ready to do things differently, smartly and fast? The magical word is CHANGE. You must be willing and ready to embrace new strategies for uncommon feat. Change is first within, before without. Here are some ideas for the revamping your failing business.

Innovative Branding.

People buy brands and not necessarily products. What's your branding concept? Develope a killing logo, business philosophy, an outstanding marketing campaign and effective quality control system. Make your brand visible. Invest in your brand. Sponsor local projects. Give away branded T-Shirts, pens etc. Position your brand online. Be radical with your brand positioning.

Jobs of Apple upgraged the Apple' brand, eliminated 350 projects Apple had in operation to 50 and then to 10. He focused on the iMac, the iPod, iTunes and the iPhone. Hence, birthing 9,000 percent rise in Apple stock. Branding is the way up.

Online Presence

Make your business visable on the world wide web. Develope a superb website. Start a blog for your goods & services, create a medium online where you interact with and get field-backs from your customers.

Make your business presence known on social media like Facbook, google plus, twitter etc.The online platform is the world' largest market, it will be suicidal to discount your business from the vast prospect it provides. Make it possible for your customers to buy your products online on your websites. Acquire a POS from your bank for easy payment. 

Radical Networking

In my other article titled "8 Entrepreneurial Traits of Aliko Dangote For Business Startups", i wrote..."As an entrepreneur, you must connect with personalities in authority. Dangote had a strong tie with people in politics, he played a very prominent role in the funding of Olusegun Obasanjo' re-election bid in 2003, to the tune of over N200 million (US$2M). With the support of the Nigerian Ports Authority in July 2012, he leased an abandoned piece of land at the Apapa Port where he built facilities for his flour company there. His network with the Central Bank of Nigeria in the 1990s paved way for his transport company to manage their fleet of staff buses."

Embrace New Technologies.

Technology is changing the way business is done, profitably. There are different technological tools for different sectors of the economy, utilize them. Stop living in the stone age, engage the dynamics of information technology. Mordern technology helps you to create, manage, utilize and retain ideas for business processing. It aids in fast and more effective communication in the business environment and without.

Steve Jobs introduced a radical technological concept to the ailing Apple, which bounced Apple back into an enviable position.

Train Your Staffs Constantly.

Competent people are the bedrock for outstanding entreprises. How are you treating your staffs? Hire the best. Renumerate well. Provide your workforce with an amiable work environment. If they must deliver, they deserve the best. Train and re-train your staff. Send them to special trainings that will aid them to do their job more effectively. Bring in consultant for in-house trainings. Every penny you spend on staff development is worth it.

Deliver Fast, Smartly & Differently.

Do business creatively. Stop following the pack. The best businesses out there discovered ways to do differently, smartly and faster, the same things others are doing. The success of online shopping businesses is that they can deliver fast to your door post with the benefit of paying on delivery. Don't just step out into a line of business, except you are ready to do it creatively.

Richard Teerlink (Harley Davidson CEO from 1989-1997) joined Harley Davidson with a loss of $15 million. In 1989, when he became the CEO, he re-focused the company' goal to increasing quality, improving service to customers and dealers, and producing world-class heavyweight motorcycles. This decision alone recovered the U.S market share of Harley Davidson  to 50% and quoted an annual sales of more than $1.7 billion.

Upgrade Your Work Environment.

The saying goes..."You are address the way you dress yourself." Invest in a positive work environment that customers would love to come back to. Let your staffs find it motivating and comfortable. Why do the banks invest soo much in am amiable work environment? It makes it easy for people to bring in their money over and over again. Invest in decent chairs. Eliminate disorder. Unclutter the office terrain. Give your office the needed face-lift. Attract the best.

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