No one ever said that running your own company would be easy, but many people get into it because they want to be their own bosses, despite not really having the acumen necessary to survive in the competitive and difficult world of business.  Still, though, if your business is failing, all hope is not lost.  There are things that you can do today to change the track that your company is on and bring about a great level of success tomorrow.

 

Start Marketing Yourself Differently

Have you been relying solely upon word-of-mouth to get people to learn about your company and its products and services?  Or have you been spending far too much money on advertising in magazines, on television, and on billboards?  Take a close look at how much you are putting into your marketing campaigns and how much you are getting out of them.  If you find that you are putting in too much or too little, make changes, as this is the only way to put your business on the map.  You may need to market yourself more aggressively locally or even globally.  Work with your team to decide upon the best course.

Global Marketing Strategy for Your Company

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“Global marketing is exciting”.  Global Market 61/365 (5) by trawets1, on Flickr.  This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

 

Look at Your Products, Services and Staff

Next, take a close look at your products and services.  Are they still relevant?  Is there something lacking?  Do customers regularly complain about the same thing, or are they requesting some changes or completely new additions to your offerings?  These should all be taken into consideration, especially since you want to keep your customer base happy.  To figure out what your customers want, you can send out surveys or run a contest via social media to gain some insight.

In terms of your staff, it is important to analyze them with a fairly critical eye in order to ensure that they are doing everything they should to drive your company forward.  While it is certainly important to be an amicable boss, you definitely do not want to fall into the trap of being everyone’s best friend, as this will only make it difficult to cut back on staff when necessary, cut back on salaries, or cut back on benefits.  And if you find that you have to hire more individuals to bear the brunt of the workload, this is also an important step that will ensure your team will be able to accomplish everything they need to do on a daily basis.

 

Head Back to School

Whether you have an education in business or not, it is always a great idea to go back to school to further refine your skills, learn new tactics that companies are using all over to the world to succeed, and begin to take what you learn in the classroom and implement it into your daily business practices.  You can choose to go all-out and get a bachelors degree in marketing or management, or you can simply take a class here and there in areas that you need some extra inspiration.

Tom
 

Arnel Ariate is the webmaster of Money Soldiers.

Click Here to Leave a Comment Below 3 comments
Clarisse @ Make Money Your Way - March 12, 2014

My in-laws had a small business before and there came a point that their business really struggled hard because of different reasons. Unluckily, it was just too late to recover it and now they are planning to invest in other business.

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Nick | Millionaires Giving Money - March 12, 2014

Heading back to school is a great idea. There are so many people who dont have a clue how to run a business and just take the plunge. Great post.

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Bill @ Business Cash Advance - June 9, 2014

Some great tips there. Even the most obvious things such as customer feedback get overlooked when running a business. Thank you for sharing this.

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