I read somewhere, “You have never known fear until you have a child”. Well, I don’t have a child but owning a business is the closest I have come to fear. There is no doubt that running your own business is quite rewarding. If it is successful, you get to brag about it, become the next big thing, and whatnot. However, if things go south, prepare to enter insomnia mode.
Currently, the rate of failure among startups is nearly 90%. This highly alarming number means that 90% of business owners see their business plan; capital, execution blueprints, and restless nights go to waste. Nonetheless, every day startup owners begin their day with the same zeal and ambition to make some more profit.
Just two years ago, I was also living my startup nightmare. My business was failing right in front of my eyes and I was not just struggling with money but my operational cost was through the roof. Fast forward to today, my startup is doing more than fine, it’s making a profit, I have expanded my team and currently, I am launching a new product.
How it happened you might ask? Join me as I explain some simple steps that helped me save my dying startups and that can help you as well.
Top 5 Tips to Save Your Small Business – My Journey as a Struggling Business Owner
- Mimicking Business Strategies from Big Companies
Big companies are successful for a reason, they have a good client base, they know the business, have the legacy and they are willing to take the risk. On the contrary, most small businesses have very limited budgets, they do not have the budget to hire professionals and they do not have money to take risks. This puts them on the back foot, so they are scared to implement their creative and innovative ideas.
If you are in a similar position, try to read case studies. A solid case study will not just help you make informed decisions it will also give you clues about catering to your audience. For instance, as s business with a wider audience, you can check successful brands that are tapping into their audience by using an inclusive approach. One of the best examples is Cox. Cox atencion al cliente en español is a dedicated customer service for Spanish customers, ensuring that every client feels right at home.
- Focusing On Customer Service
Customer service is a very important part of making your business successful but I learned it the hard way. While I was busy improving my product and trying to reach out to newer audiences, I was missing one of the most important parts of the business – getting to know the customers.
Most businesses today categorize customer service as a post-sale service. They think that unless the client has not purchased their product, they will not call customer service. In the world of modern business, customer service works as a direct communication bridge between the company and the user. Successful companies have already cracked this code and they are actively using customer service to not just get to know about their clients and their expectations of the brand.
- Shifting To Fully Online Marketing
Traditional marketing has lost its charm and if you are still relying on the same old methods of marketing, you are signing up for failure. Nearly 90% of the companies today are relying on online marketing. In addition, most of the successful businesses today have a very strong online presence that helps them target their audience.
If you have not considered using online marketing yet or you are just using online platforms for registering complaints and not representing your brand, prepare to say goodbye to your business. It is expected that by using online channels for marketing, you will be able to boost your ROI not by just 50% but by a whopping 80%.
- Hiring Consultants and Not Full Timers
As a small business owner, this is one of the simplest and most effective ways to set a strong foundation for your business.
Since small businesses have very limited budgets, they cannot afford to hire seasoned professionals. On the contrary, if they opt for freshers or people who are still learning, there is no guarantee that your business will survive and become part of the successful 10%. Startups are always welcomed with cutthroat competition and a very easy way to work with the best people in your niche without going broke is to hire them as part-timers or just as consultants.
This will help you get the right strategy for your business that will set you towards the route of success and you will not be compromising on the budget. This win-win situation can help you push your business out of the competition whirlpool where most startups drown easily. This strategy is ideal for the first few years and once your business gains attention you can easily hire full-time professionals.
- Cutting Cost via Using AI Tools
Making innovative decisions within your budget is one of the most challenging parts of running a small business. When you do not have enough to spare on innovative ideas, big companies who are willing to take risks will hop in and expedite toward a successful route. On the contrary, you will be stuck with your cost-cutting strategy which will eventually cost you your business as well.
If you do not want to risk it all, you should start by automating tasks. Most of the automation tools are able to handle simple, mundane tasks and cost much less than hiring a dedicated resource. This will help you spare a lot of money for testing the innovative ideas that will eventually help you stand out in the industry.
Wrap Up
As a small business owner with a limited budget, if you are struggling, investigating the market is very important. If you have decided to make a radical decision, the above-mentioned tips can be very helpful.
