How to Revive a Lagging Business

Are your revenues taking a turn for the worse? Are you losing good employees to better job opportunities at your company’s competitors? Are customers dropping like flies? If this sounds like the state of your business, don’t despair. There are ways to turn the ship around if you’re willing to do whatever it takes.

In this post, we’ll lay out a few tips to get your wheels turning again and get help get your business going in the right direction.

Get to the root of the problem
But, isn’t that the million dollar question? What IS the problem? Sometimes, what happens in the boardroom with the various board members and executives is a whole lot of shoulder-shrugging or finger-pointing. “It’s the economy,” “the Marketing team,” “our lazy sales people,” or “it’s the President’s fault,”…and the list goes on.

One way to get a clue objectively, as to the nature of the problem is to hire out mystery shoppers, or someone who can come into the environment as an unbiased “undercover agent,” depending on the nature of the business. The results will probably surprise you. We’ve been made aware recently of one company who did this and found that they wandered through the department store for 15 minutes without any associates to engage them. Not only that, the sales racks were a mess, and the workers were not only sloppily dressed but were heard complaining about their job!

It’s important to deal with the reality at hand and look at things as they are, without sugar coating to further pinpoint the deeper problems and develop a plan of action.

Educate and Sell Your Staff
To implement a new vision, plan or remedy, you have to have a staff who is on board. It’s likely unrealistic to think you’re going to be able to hire a whole new staff, retrain and cast a vision without spending an exorbitant amount of money and time in the process. At this juncture, it lacks prudence and wisdom. What would work better, is to sell your staff on a new vision and set of goals along with a clear path to personal achievements and benefits for them. If you are transparent with your employees and explain with humility, how management has likely dropped the ball along the way (for starters), you’re liable to get their cooperation and possibly regain some excitement. If the executives are not visionary or masters at selling, then they may need to be moved aside, or perhaps invite a business consultant to hold some of these conferences with them to get them up to snuff.

Get a Clear Vision
Outline your company goals, both short and long-term and go back to the drawing boards with a description of what the market needs and how your company plans to address it. If you lack the zeal to reinvigorate the vision of your business, it will be well worth the money to hire out a business consultant to provide you with new strategies and ideas that you’ve either forgotten or have never thought possible.

Re-address your niche. Most business who are struggling, do so because over some period, management has taken on too many odd projects or products and inadvertently lost their focus and target group in the process. You can’t have everyone as your target market. You must define what your business is and the services that you provide. Be specific and minimize where you need to.

Boost Morale
Take the time to listen to your employees. Find out why they’re complaining. Ask them if they feel excessively burdened or overworked. Do they feel they are underpaid? After you hold some meetings with a spirit of understanding and open, honest communication, choose to tackle these complaints one at a time. Commit to addressing each of these issues at any cost. Additionally, set one manageable team goal at a time and praise them when there is a victory before giving them another. This way, you’re building up they’re morale again step-by-step and putting good vibes back into the business air. No doubt, an increased morale will boost your bottom line.

Here is video that addresses this same issue.