It’s now 2013, and if your small business is still afloat, it means either of two things: 1.) you had what it takes to survive one of the worst economic crashes in recent history, or 2.) you recently launched your business, and you’re ready to do whatever it takes to ride out rough patches in the future. In either case, you know that staying competitive means staying flexible. Smart business owners adapt quickly to change, and they’re ready to make adjustments at a moment’s notice in order to stay ahead of a shifting landscape.
With that in mind, 2013 may be a great time to consider a reinvention. Take a close look at your market, your brand, and the strength of your financial footing, and consider making some of the following changes.
It’s Time for Some Fresh Air
Change your product (or service)
What would it take to improve the value of your product? Can you add more features? Can you produce deliverables faster without sacrificing quality? What are some of your most frequent customer complaints, and how can you make these complaints disappear?
Change your profit structure
Consider making your product more appealing by lowering your prices. In order to do this, you may need to cut some of your profits and pour the savings back into your business, but if you make this move correctly, you’ll strengthen your company’s foundation and long-term stability. Which matters more, putting the customer first and running a sustainable enterprise, or pleasing your shareholders over the short term and making your customers wait in line?
Change your marketing philosophy
You know that running a profitable business means keeping a close eye on your target market, and target markets tend to shift and blur over time. When was the last time you closely analyzed your core audience? Who buys your product and why? Refresh your marketing plan and update your advertising and sales campaigns to reflect your current demographic, not the one you pitched to when you first launched your business.
The cost of a total relocation can be high, but look closer. You might greatly increase your profits and cut your costs by following your customer base, or moving closer to the source of your raw materials and strategic partners.
Revamp your staffing strategy
Are your employees the true engine of your business and the real force behind every ounce of your success? They should be. For every profitable business, the most valuable capital is human capital. Make sure your employees have the training, the support, and the motivation they need to keep your company moving. If you need to make some changes to your workforce, talk to the NC staffing and personnel experts at PSU. We can help you find and keep the talented, hardworking employees you need to drive your business forward.