Revamping might be the answer for any business which experiences a consistent drop in profits. That’s especially the case when a business knows its products and services still benefit customers as well as provide solutions to their problems.
There could be many explanations why a business experiences a steady drop in revenue or just “levels off” with little to no growth. New competition, loss of major customers, weak management, turnover of key employees, or off target marketing could be some of those reasons. These factors could impact the mere existence of a small business.
When faced with these obstacles, many small business owners attempt several different corrective approaches. They plan, implement the plan, and reduce as many outside external threats as possible. By following this approach, small business owners believe the tide will turn and their businesses will experience growth. If these measures don’t work, simply working longer hours and creating more stress are not the answers.
Albert Einstein is known for changing everyone’s understanding of space and time. He’s also recognized for saying that “The definition of insanity is doing the same thing over and over again and expecting a different result.” He must have been thinking about how some small businesses operate!
So, when business is down or sluggish, maybe a business owner should try something different? It could be a key product or service improvement or innovation. Or implement a new marketing campaign. Or change the price. In essence, try a creative approach.
Thinking outside the box at times produces a new idea which leads to new opportunities. Creative thinking helps reinvent a business. Revamping might be the answer, so here are a few ideas business owners should consider.
Improved Online Presence – Longtime businesses can certainly get stuck in the past while competitors zoom past them because of their online presence and e-commerce offerings. The COVID-19 pandemic drove many people into isolation. At the same time, the pandemic pushed businesses, whether business-to-consumer or business-to-business, to operate differently. Part of this “new normal” pushed every business to implement new opportunities through the Internet.
Functional Change – You would be hard to find any business which did not implement operational changes because of the coronavirus pandemic. Many businesses experienced small to moderate changes, while other businesses literally altered operations. Many of these changes and alterations provided a more profitable and stronger future for these businesses. These changes are examples for every business on how change is not only inevitable at times but, also, beneficial.
Set a price – Pricing…same pricing for all products and services…becomes a grind for many businesses. Pricing, however, does not have to remain stagnant. For example, there can be discount pricing for sales. There can also be discount pricing for a mass number of purchases, second item purchases, off-hour or off-day sales. On the other hand, a business can charge premium pricing for extended warranties and services, add-on products and services, or personalized services. Business operations should not remain at status quo. Pricing can and should vary. Creative thinking leads to higher sales revenue.
Ignored Markets – While it’s a tremendous opportunity for small businesses, finding a customer market ignored by others is not easy. Great opportunities await a small business that finds an underserved market, discovers that market, and satisfies the needs of that particular market. A small business should retain its core target market, while at the same time, based upon its capabilities, create a unique market niche by expanding into other markets.
A New Outside Look – Yes, it may be time to freshen up a business name and signage. Do customers understand what your business offers by hearing your name and looking at your signage? Your loyal customers may know what you do. What about new customers? Perhaps, a new name, updated signage, along with a catchy tagline, will allow potential customers to truly understand exactly what your business does.
Instead of trying to keep up with the competition, every small business should develop its own path with a distinctive market and branding plan. Doing what it did in the past will probably continue to give a business the same results – or even less. Be creative! Be open to change! Try something different! Keep trying until you discover what new works best! The bottom line may increase simply because revamping might be the answer.