Floundering

This is actually one of our most viewed pages and is an indication that you’re not alone in these difficult times. And you’re already over the first hurdle by admitting to yourself (even if you haven’t voiced it to anybody else) that things aren’t right in your business and you need to take action to turn that around. Question is: What action is best? The answer depends on how ‘up against it’ you are – how much time and money you have in reserve to keep you afloat.

• Now is unlikely to be the time to ‘down tools’ and take yourself or send your staff on sales and marketing courses that you might reap the benefits of somewhere down the line – your business might not survive that long – you’re needed at the helm and they’re needed to stoke the engine
• You need to address a mix of short term fast fixes that address, for instance: How lean yet responsive is your business? What are you doing to get existing customers to buy more? Your elevator pitch – how well does it work to increase your ‘virtual’ sales force? Quality referrals and recommendations – how do yours stack up? How ‘good’ are you and your team on the phone? What’s your situation on outstanding monies owed and what are you effectively doing about it? And so on – remedy a lack or failing in any of these areas for almost instant results
• You will also need longer term business, sales and marketing strategies, processes and maybe training so you don’t get in this fix again in a few weeks or months time yet you’ll find those start to become self evident with a little help

It’s time for some straight talking if you want to get on track and move in the direction you want to go. Because, while we’re prepared to give it our all to help you, you‘re going to have to at least match that amount of effort initially until you learn to work smart.

When we’re floundering we tend to grab at anything that looks like it might be a life raft. It’s actually much better and more effective to tread water for a few moments, take some deep breaths and get our bearings first.

You’re going to do the mental equivalent of that right now.

Why is YOUR business floundering? Maybe you find yourself in this situation through what you believe is no fault of your own:

• A project you’ve geared up resources to work on progresses so far then gets indefinitely halted
• A contract that you’ve had for several years suddenly isn’t renewed
• A competitor comes up with a superior or cheaper alternative
• Nobody’s spending – there’s no business out there
• The list is potentially endless

If you’re hanging on for dear life to the ‘nobody’s spending – there’s no business out there’ one you’re deluding yourself. There is business out there. Others are finding it and probably charging a premium for their products and services (so that demolishes ‘the competition is undercutting us’ argument as well).

So let’s get on with this… Is turning your business around and making a success of it worth the investment in time, effort and money it will demand of you? And bear in mind that money’s the least of it.

Why did you go into business for yourself? Let’s rewind a bit:

Did you take voluntary or compulsory redundancy from a job? Are you an entrepreneur by necessity?

There’s a phenomenon that seems to be particularly pertinent to the first decade of the 21st century:

• The tough economy has meant some companies have had to down size whilst others have gone out of business. As a result it has also created a new generation of ‘reluctant’ entrepreneurs who can’t get jobs in their own field.

Or did you make the move of your own volition? Had you always felt you had the makings of an entrepreneur? Did you see this as an opportunity to shape or reshape the direction of your life?

Do you have the passion, energy, determination, commitment and focus of successful businessmen and women?

Or do you want to consider going back into the workforce as an employee? If you do you’re effectively about to make yourself (and anyone who works for you) redundant. In which case you’ll find this helpful.

Maybe you need more time to think hard about your options. How much time do you have?

Any change has to start at the top…even if you have resources you can allocate to see it through: After all, it’s your business and the buck stops with you.

If you decide to stick with your business you may find you have to ‘up your game’ in one or more areas, for example:

• Average can survive in a buoyant market – it tends to sink in any other conditions
• Thinking ‘small’ is only likely to limit your company’s potential – justified confidence works better than timidity or false modesty
• If your customers are hanging out in different places now, there’s no point in you staying in the old hunting grounds, you need to know where they are now
• If your customers’ priorities have changed, you’d better be aware of those shifts and addressing the new ones

NOBODY knows your business as well as YOU do . This fact is likely to be your biggest strength and your biggest weakness. Why? Because if your business has been successful yet is floundering now something isn’t working anymore.

And we can tell you upfront that it will be one of six reasons in three areas.

You need to find out what that is and sort it out. And it can be hard to step back and get that different perspective when the business is your brainchild; your ‘baby’.

Will YOU get your ego out of the way? We can help you with all sorts of practicalities ranging from business hygiene processes that you mightn’t have paid much attention to during the ‘good’ times’ yet are now turning round to bite you in the you-know-where, to soft skills you haven’t invested in developing because there wasn’t the need in the past. Things like:

• Differentiating your business from every other out there that seems to be offering the same thing
• Getting customers to buy on value instead of price
• Making it easy for customers to pay you on time and…
• Effectively chasing those who don’t
• Incorporating effective networking that works
• Creating, adapting and keeping fresh an elevator pitch that actually works
• Giving and getting great referrals and recommendations
• Creating and maintaining (even writing the posts for) a company blog that gets results
• Sending out a positive, confident image by phone, face to face and via the written word

A quick read through the above shows that some we can do with you, some we can do for you and some we can show you how but you’ll have to be the on who delivers !

Don’t panic! If all this sounds like a lot to take on at once, don’t panic!

If your business is basically pretty sound and what you’re going through is more of a temporary wobble, you may well be able to identify the culprit and, with the help of our solutions, get swiftly back on track.

We have three options on most of our offerings. You can:

1. Do it yourself with a guide from us to help you – Investment? Money: Low – Effort: Depends on your existing skills – Reward: High
2. Have one of our team do it for you – Investment? Money: Medium – Effort: Low – Reward: High
3. Discover the techniques and how to tailor and apply them specifically to multiple situations in your business – Investment? Money: Comparatively high – Effort: Depends on your existing skills – Reward: Highest

Why not get to know us? Have a look around at the lots of great advice that we give you for free here; bookmark us; sign up to our newsletters for even more Tips and why not help someone else out: Send someone you know to our site to look at our fab tips and advice.

PS: Put into practice what you discover – try it – you, like many of our customers, will probably be surprised at the speed of the difference it makes…

PPS: If you don’t know the major culprit or it’s more than a wobble, please sign up first (see the column on the right) then pick up the phone (office hours, 9 – 5, Monday to Friday, excluding Bank Holidays) for a FREE consultation.