The success of a business is dependent on many things, some of which will be avoidable, and others not so much. Unavoidable things that could affect your business’ success include a global pandemic, the collapse of the stock market or a steep recession.

Things that could be avoided range in severity, but we’ve compiled six of the easiest ways you can turn your struggling business around when the ball is in your court.

Staff Retention 

A lot of times, businesses fail because they don’t have the correct staff infrastructure. Whether it’s hiring the wrong people or having a high staff turnover, these things have a much bigger impact on the success of your business than you realise.

The first step to reducing staff retention and improving the internal strength of your business is taking the time to hire the right people. Rather than relying on agencies, do the vetting yourself because you’ll know what your business needs more than anyone else, and that will ensure you hire the right person first time round. 

When it comes to the staff you already have, make sure you invest in them. There are a range of easy team building activities for remote employees that can bolster the bond between your staff. Paired with a comprehensive benefits package and a competitive salary, you’re much more likely to retain your staff and stand your business in good stead of succeeding. 

Budgeting 

If your business has monetary problems, take a look at your spending. Every good business will have extensive bookkeeping which should allow you to identify where you’re spending the most money and where you could save money. Setting a budget and sticking to it is essential, even if it’s at the detriment of your office coffee and monthly night’s out. 

Marketing

One of the first things to go when a business is struggling is marketing, but coincidentally, if anything can pull you out of a downward spiral, it’s an effective marketing plan. If your business is going the wrong way, don’t cut marketing. If you don’t have any effective marketing, look at hiring an agency.

They’re worth the money because more often than not they’ll give you more than you put in. This is also a particularly great option for those who don’t have the time to market their business themselves. All it takes is one clever campaign or one viral video ad and your business could live to see another year. 

Time

In the beginning, people invest their entire lives into their businesses, but when things start going well, they tend to stand back. Having a work/life balance is essential to the running of a business, but when things start going downhill, it might be time to start putting more hours back in.

That’s not to say you need to be working 60 hours a week; it’s a case of sacrificing the odd evening here and there in order to protect both your livelihood and the futures of the people you employ and who rely on your business for their income. 

You might choose to hire external companies to assist you and that is completely fine, but you need to make sure you’re present and available because even the best professionals in the world don’t know your business like you do, and it’s your time and dedication that will determine whether or not your business is able to be saved.

Plan

This might seem like a given, but planning is essential for any business. When businesses first start up, they likely follow a structured plan of action, and it’s important that they continue to follow a plan of action – even when they become established.

There should always be a list of goals to work to. Failure to reach goals indicates that something isn’t quite working, and this is good for spotting any possibly serious issues early before they have the chance to affect the overall workings of your company. 

If your business is heading in the wrong direction, come up with a detailed, step-by-step plan of action that will pull you out. Having a guide to follow is far better than winging it and will definitely help you in monitoring the progress of the situation. 

Streamline

This is something that should only be done in a worst case scenario. Letting people go or shutting down parts of your business is a last resort, but sometimes it is the only forward in order to preserve your business. If you need to streamline your staff, go down to skeleton staff in a bid to keep every department running.

This means no cutting off entire departments immediately; instead, focus on your longest serving and most vital members of staff and retain them. Every department is vital and it’s important that should things pick up, you have the staff in place to get your business running back to how it used to. 

These six tips might not entirely save your business, but they’re a good place to start.

Jane