Despite the ups and downs of running a small business it gives you all the reasons to smile in the shape of freedom, time, and choice.
The decision to close a small business is never easy. However, before making the final call, consider exploring a few strategic pivots that could breathe new life into the thing you worked so hard to build in the first place.
Supercharge your marketing crusades with the might of a superhero
Sometimes, it can be as simple as not enough people knowing about your business. Reinvigorate your marketing efforts by focusing on low-cost, high-impact strategies. Utilise social media platforms to engage with your audience, after all, when done right, they’re free. As of April 2024, there are 4.95 billion people use social media worldwide, with this figure continuing to grow on the daily. When done right, imagine if you could capture 0.0001% of that audience? That number is 4,950. Could you service this number if that was the number of clients wanting to buy from you?
Optimise your website for Search Engine Optimisation to increase visibility and consider email marketing to reach your warm audience (your database) to keep your customers informed and engaged. 99% of people Google you before they pick up the phone, so make it worth their while. Will they know exactly who you are, the problem you solve and the transformation you provide as soon as they land on you?
Don’t forget the power of word-of-mouth; encourage your satisfied customers to spread the word. When your community catches wind of their favourite product or service in need of some extra love, you will be surprised what the power of people can deploy.
Reassess and shift your current business model
Take a hard look at your current business model and ask yourself what could be changed or improved. Is there a demand in your market that you’re not yet catering to? Could you shift your focus to online sales or offer virtual services? A slight shift doesn’t have to be monumental; sometimes, even a small adjustment in your product line, service delivery method, or target audience can open new revenue streams.
Explore partnership and collaboration opportunities
Look for opportunities to collaborate with other businesses in your community or industry. Strategic alliances and partnerships can and will open new customer bases, reduce costs through shared resources, and even spark innovative ideas. Whether it’s co-hosting an event, offering bundled promotions, or simply referring customers to each other, strategic collaborations can provide a much-needed boost on your revenue and therefore profit but will also start to create the building blocks for your positive mindset to get back to where it was when you started your business.
Ask for feedback and act on it
Reach out to your past customers and existing ones for feedback. This is always going to be hard, however it’s important to understand why they choose your business and what could be improved. This insight is invaluable and can guide you in making meaningful changes that enhance your customers loyalty to you and how satisfied they are with what you have to offer. Knowledge is power and by implementing customer suggestions, this not only improves your business but also strengthens customer relationships by showing them their opinions matter and you value each and every one of them.
Hayley Osborne, Digital Marketing Expert, www.hayleyosborne.com
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