How To Pivot Your Approach When Your Business Is Struggling
It is not uncommon for businesses to struggle. In fact, some might say that this is where a business can define itself, as it hopes to overcome itself and develop a better framework for its forward progress. There’s a very worthwhile and quite refreshing readjustment that comes when a business is struggling, despite the obvious stressors that are put in place. It helps you connect to what might have been previously successful, motivates further progress, and generally helps a firm reassess its priorities.
If you find yourself in this position, it’s not hard to feel overwhelmed. Luckily, there are many means of overcoming this period that could help you, although some of those decisions could be difficult. Despite all that, it is important to consider multiple routes forward. After all, it’s not always that businesses are the complete and only measure in their success. Sometimes societal trends, the economy that they are in or the obsolescence of an industry catches up with them.
With the following advice, we hope you can pivot your approach to further success:
It can feel quite dramatic and upsetting to downsize your firm, but sometimes, it is necessary. Cutting jobs and selling assets can often help your expenses decrease, and gain you a needed cash injection to pay off some of your creditors. Downsizing may also require moving to smaller offices, perhaps renegotiating some of your employment contracts, and letting non-vital staff go. This can be quite a shame to do, but it can mean a business will survive and can optimize its strategy going forward. It might feel like a great terrible sin, but the truth is that businesses large and small downsize by different degrees all the time.
Seek Different Work
It could be that if struggling to make it within the private sector, you decide to turn to more contractual work. Learning how to source government contracts can be extremely reliable work orders to fulfill, from supplying subcontractors to products to a vital service necessary to keeping institutions on track. This can often be a favorable means of working, because governments rarely default on their debts and can often supply a worthwhile stream of work to you if you fulfill the order to a satisfactory degree.
Relaunch Your Brand
Dominoes, a global pizza brand, became known for bad quality throughout the mid-2000s, especially in the United States. This became so pervasive and was damaging their brand so much that they decided to go back to the drawing board and redesign their entire menu, including ingredients, cooking times and delivery packaging. Since then, dominoes pizza has reclaimed one of its top spots in the takeout pizza marketplace, and it took a very public apology and relaunch to do so. It doesn’t work for every business, but an approach like this could perhaps help you seal the deal and develop a better approach.
With this advice, you’re certain to pivot your approach when your business is struggling. This could be the decision that keeps your lights on. Good luck.