90 percent of startups fail. But as an entrepreneur, you also have an opportunity to make exciting new changes, in a nimble fashion to improve your startup growth. You do not need to be like large corporations waiting to test things forever. You can make the changes instantly and know what your audience wants. But what if you’re stuck in a deadlock of no growth, how do you deal with it? Today we have guest author John Stone, a business consultant, sharing his tips on getting your business back to success. Over to John!
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It takes some time for a new business to really take off. If you see your startup is not developing as fast as you would like it, you need to change the way you manage it. To start with, you make smaller changes but if the deadlock continues, more serious measures will probably have to be taken. Let’s go through some useful moves that can help you get your business back on the trails of success. Here’s what you can effectively do to improve the state within a month!
4 Steps to Improve Your Startup Growth Within A Month
1. Increase management efficiency
Modern managers usually take a laid-back approach when it comes to communication with their employees and time management in general. However, if you see that your revenue is falling, leave that relaxed attitude aside and pull yourself together.
- First of all, try to spend less time on bureaucratic and accounting tasks by outsourcing them.
- Secondly, focus on your business results and strategies, to generate growth.
- Finally, reduce the time you spend talking to your employees. Of course, it does not mean neglecting their needs, but only setting precise terms for such meetings.
That way you will get more me-time to think about your future business moves.
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2. Contact your clients
Losing contact with your business associates and clients is a bad sign. Either you do not invest enough time and energy to make your business relationships develop or the market does not need what you are offering. No matter what dark force draws your business into dire financial straits, you need to resist it and try to survive. Here’s what you can do:
- You can make special deals for your old customers and send them personalized offers in creatively written e-mails.
- Speaking of creativity, you could also hire a creative copywriter to come up with unique catch phrases and tag-lines for your company.
- When your old and (potentially) new clients see a fresh look on the face of your business, they will start making more deals with you.
3. Assess your overhead expenses
In order to recover your business from getting into a deeper crisis, you also have to introduce some austerity measures. Bear in mind that it does not mean lowering your goals, but simply reducing your expenses until your revenue start growing again.
- For instance, if you have a few company cars, but they are not justified anymore, budget-wise, you should sell them immediately.
- Furthermore, you should try to negotiate better rent conditions for your current office space. If necessary, suggest your landlord to make a contract in which you will agree to get back to the old rent in a few months’ time.
- Moreover, if you have any bank loans, ask for a grace period. All these moves could give you more air and space to start reorganizing your business and make it profitable again.
4. Get what’s yours
When you calculate all the profits and losses after a certain period of time, you will see how successful your measures have been. No matter whether you have managed to make the business grow or not, do not hesitate to ask your debtors to pay you what they owe you. If you are pressed from different sides to make your payments, you should not ignore the fact that people owe you, too. Since these things can get pretty unpleasant, you should seek debt recovery help in case your debtors refuse to give you your money back. Legal measures will make them do the right thing.
What every entrepreneur should learn is to have both feet on the ground all the time. When you are on a winning streak, don’t forget that things can change by a mere twist of fate. On the other hand, if your business starts struggling, remember that you know how to become successful and have faith in your skills. Only such a rational attitude will ensure steady growth and constant development of every business!
We’d like to thank John for his valuable insights and hope that all the startups and small businesses reading this also do consider these steps for their own businesses at all times!
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Guest Author bio: John Stone is a business consultant and regular contributor to the Bizzmarkblog. He recently collaborated with Ampac on developing new debt recovery ideas. You can find him on Twitter.
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