Market trends are hard to predict and constantly changing. Some changes may be only for a short season, and others long term, but there always is a change. Here are 6 strategies you probably have not thought of, that will help you improve your business and insure you can continually give it life throughout the transitions of the marketplace.
Identify if your business can be a seasonal business
This is often one of the more simple choices as you already possess an awareness of your business’ functions and performance based on the seasons. Careful analysis of whether it would be more profitable to close up shop during the off, or less profitable seasons is a good idea when looking for ways to energize your business. Seasonal only opportunities can bring a surge of new customers as well as retaining your primary customer base, just like the deadline of a sale would. If you think this would be an option for your business it is well worth looking into.
Increasing the number of your business locations is often a surefire way to energize your business provided you have scouted a good location. Expansion can be large, small or even internal which reflects the next change topic well. Accessing an untapped customer market area and spreading your brand to new areas is an opportunity not to be taken lightly. As with all opportunities it is not without cost, and in this case business expansion can be very costly. Location is everything, with cost to be considered second. With a thoroughly tapped location or a customer base uninterested in the service you’re selling, the cheapness of location won’t matter in the end. Do your research and rely on marketing experience or feedback to make the best choices here. Costs will vary depending on property related costs and set up.
New Product or Service options
It goes without saying that when it comes to revitalizing your business, a fancy new product or service offering has the potential to bring in new customers in droves. Picking the ideal product or service can be a difficult choice, but you should ideally look for something with a degree of wow factor. Sticking with a product that is far too similar to your current offerings might not bring you the surge in business that you intended and may end up being a costly mistake. Know your market and analyze your clients’ needs and preferences in order to make effective changes to your offerings
Business Design Ideas
Could your functional, profitable business benefit from a new coat of paint? If your décor is still stuck in last century or millennials turn up their noses at your product showcase than a new design may be just what you need. Whether you’d like to shift to a trendier, innovative business design or merely refine your traditional offerings to be more inviting, either could give you the boost you’d require. A design change is not solely a new business idea, it have a clear, positive influence on businesses that have been around for years.
Money Saving Tips
There are dozens of tips to help you reduce costs and leave more room for profit. Here are just a few.
- Let going green save you green. Small changes to reduce energy consumption and waste can turn into big bonuses for your bottom line.
- Seek out and cut unnecessary costs. Hire interns instead of assistants or schedule cleaning and maintenance less often.
- Save money with larger purchases. Bulk buying is a no nonsense way to reduce business related costs. If you can afford to bulk buy supplies for your businesses then you should take advantage of the opportunity. Everything is cheaper when purchased in larger quantities.
Internally Audit Your Staff
Leave it to the multi-national corporations to hire expensive auditing firms to handle their employees. For smaller and more compact businesses, in-house auditing is a way to ensure everyone is on the same page, and to shave off unnecessary expenditures as well. No one will know better what motivations, attitudes and productivity your staff has better than those who work among them. Deficiencies that may require you to make changes to your management process will be easier to pick up. Developing job profiles and analyzing competency will be a much smoother experience when using internal auditing methods, helping you keep your business on track.
The future of your business is in your hands. Make the changes needed to inspire and revitalize your company today. Get more business strategies, new business ideas and growth strategies by subscribing to the ISU Workforce Training blog.