• Home
  • Blog
    • Resources
    • Business Partner Magazine Archive
  • About Us
    • Cookie Policy
    • Disclosure Policy
    • Privacy Policy
    • Terms of Website Use
  • Contacts

Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

  • Business Success
  • Marketing
  • Finance
  • Employees
  • Technology
  • Start-up
  • Productivity
  • Communication

How To Bring a Business Back To Life

August 16, 2022 by BPM Team

Click here to get this post in PDF

Too long to read? Enter your email to download this post as a PDF. We will also send you our best business tips every 2 weeks in our newsletter. You can unsubscribe anytime.

Enter your NameEnter your Email Address
Wooden signpost - business growth

Most people start their business with a positive outlook. While optimism is essential when it comes to staying motivated, the unfortunate reality is that businesses can and do suffer serious setbacks. But that’s not a reason to give up! On the contrary, when you’re aware of the possibility of things going wrong, you can plan ahead – or if you’re already facing issues, you can focus on finding ways to get things running smoothly once again. 

If your business has been struggling recently, or you want to be prepared in case things get difficult, here are five useful tips to revive a failing business. 

1. Think about your demographic

Carefully considering and reassessing your target demographic could be a big step towards bringing your business back to life. Ask yourself whether the demographic has shifted since your business began. Perhaps you originally marketed towards young people, but the people who bought your products back then are older now and their interests have shifted. Meanwhile, the new wave of young people may be drawn to products that are very different to yours. 

One way to deal with this is to adapt existing products and create new ones. Remember, just because something generated profit for your business a few years ago, doesn’t mean it will today. 

Adding to your product line can help you grow your audience and draw new interest in your business. This could even be the first step towards a successful rebrand, as you could use your new products as a springboard to give the business an exciting new image and expand your customer base even further.

2. Plan ahead 

Should further problems arise during the process of bringing your business back to life, you’ll want to ensure you’re protected. 

For example, if you run a consultancy business, it’s a good idea to have professional indemnity insurance for consultants, such as the kind provided by Suited Insure. This means you’re covered if a client decides they’re unhappy with your services – insurance protects not only your business’s finances, but also its reputation, which is important for its future. 

3. Marketing     

Marketing is essential when it comes to promoting even the most successful business, but effective marketing techniques could be exactly the kickstart your struggling business needs to thrive once more. 

Think about not just your own marketing strategy, but the strategies used by your competitors – what works for them? Is it something that your business could use to promote itself? For example, if they’re using out of home advertising to grab attention, you could consider something similar, like advertising at bus stops in areas frequented by your demographic. If they’re targeting customers via online adverts, this is something you could look into. 

The key to good marketing is to make your adverts eye-catching and ensure that all relevant information is clearly visible. Potential customers shouldn’t have to go looking for reasons to purchase your products and services, so you need to make it obvious to them why you should be their number one choice. 

4. Consider your hiring process 

If your business needs to save money, you can help by waiting until you definitely need new employees before hiring them. For example, if you need to hire someone to perform a specific task or role, there’s no point in bringing them onboard until you’re in a position to get that task started. Otherwise, you’re paying for someone you don’t strictly need – something a struggling business can’t afford.    

Try to keep the number of new employees relatively low. Concentrate on hiring a small group of skilled, focused individuals rather than a higher number who may not perform as effectively. You might also consider outsourcing for smaller projects, as this may be cheaper than hiring someone full-time. 

The ability to retain talented employees can be a huge boost for your business, so once you’ve hired the right people, put some effort into keeping them. The office should foster a good work environment, and it doesn’t hurt to organise events to boost your team’s morale now and again. 

5. Expand your online presence      

In today’s digitally focused world, a lot of business takes place online. As previously mentioned, online adverts are an effective way to widen your audience, and having a website that’s easy to navigate should also help to entice new customers. 

Establishing or expanding your social media presence is also a good idea, as this makes you more accessible to customers and lets you share news and updates quickly. The Internet is also a great place to search for further business advice. Companies like PCFO provide financial advice and can support you to develop your business plan – learn more about the services PCFO offer by visiting their website.

You may also like: The Art and Science of Business Success

Image source: Shutterstock.com

Filed Under: Business Skills, Business Success, Featured Posts Tagged With: business growth, business plan, business success, Featured Article

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

Disclosure

We earn commissions if you shop through the links on this page.

Recent Posts

  • High-Speed Doors And Their Benefits For The Warehouse
  • What are Some Examples of Antique Gold Coins
  • How to Host a Stress-Free Party That Everyone Will Enjoy
  • Make a Bold Statement with Colourful & Vibrant Bathroom Furniture 
  • What Tomorrow May Bring: A Look at Insurance in 2023

Categories

Archives

Digital Marketing Agency

ReachMore Banner

Tags

Accounting apps bitcoin brand business growth business skills business success communication cryptocurrency Customer Service Data design ecommerce Efficiency employees Featured Article finance finances Health and Safety infographic insurance Investing investment legal legal services legal tips Management Marketing marketing strategy Outsourcing productivity property Real estate sales security SEO Social Media software starting a business startup Technology Trading Training website workplace

Disclosure

We earn commissions if you shop through the links on this page.

Digital Marketing Agency

ReachMore Banner

Business Partner Magazine

Business Partner Magazine provides business tips for small business owners (SME). We are your business partner helping you on your road to business success.

Have a look around the site to discover a wealth of business-focused content.

Here’s to your business success!

Copyright © 2023 - Business Partner Magazine·