If your small business is not growing, then you need to figure out the reason. While you may fall into a handful of odd reasons that companies do not thrive, there are a few main things that can cause it. Here are some things that might be the cause.
Competition
Competition in some markets can be very fierce. Start by making a list of all your competitors. Then write beside them everything that makes you different from them. If necessary, visit their stores to see what they are doing differently. Now take your list, and use it to help you create a list of areas that you need to improve on to attract and retain customers. Finally, make a list of what positive characteristics sets your company apart from anyone else in your market.
Poor Marketing Strategy
The second reason that many small businesses fail is that they have a poor marketing strategy. You might think your small brick-and-mortar store won’t thrive in the digital world, but it absolutely can. First, you need a responsive company website that guides your target audience through each step of the sales funnel. Take your list of things that set your business apart, and start blogging about each item on your list. Think about where your customers hang out online, and figure out a way to promote your business there. Talk to your loyal customers, and find out why they keep returning to your company. While you are having these conversations, make sure that you have correctly identified your target audience. Many small businesses are amazed that their target audience does not consist of the people that they think it does.
Bad Customer Service
Every business must strive to provide the best customer service that it possibly can. A great way to test this is to have someone that your crew does not know come into your business and act confused. Then watch through hidden means as your employees strive to meet this person’s needs. You will probably get a real eye-opening idea of what goes on when you are not physically present. You should also look at your company’s policies to make sure that you have equipped your frontline staff with the tools and ability to serve customers first. Scan through your company’s social media feeds and those of your competitors to get a feel for other areas that need improvement.
While small businesses fail for many reasons, considering these three can help you see where your business needs to improve. Take the time to complete each of these activities, and watch your business thrive before your eyes.
If you want your business to be able to grow and be successful, you should make sure you have a good branding strategy. Book a call with Steve to see how we can help!
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