You are the reason why your business plan is failing.
How to fix a failing business
I will be straightforward with you: your business is not failing, you are failing it. This is a plain truth that should be embraced before identifying a recourse to improve the situation.
Yet, it is not all doom and gloom. Ups and downs are common among any entrepreneurs who strive for success.
To fix a failing business, there are some things to take into account if you want to turn around your business plan.
2 reasons why your business plan is not working
There are two main things you’re doing wrong that are making your business plan sink. Check out the following to turn the course of your business.
But, if none of the following gives you tangible results, you always can find a business mentor to help you find and solve your problems.
1. You are lacking direction
I am a fan of “just do it” but you have to “do it” with a clear vision. Why do you have to “do it”? Where do you want to go?
You can’t get anywhere if you don’t know where you’re going. Same goes for dreams: if you can’t name it, you can’t have it.
So ask yourself these questions: where do I want to go as a business? What are my goals?
This can be described in terms of the size of the market share, the size of the company and the mark you want to leave as a business.
Stay focused and you’ll succeed
It’s vital to prepare a powerful corporate strategy to make clear some points, such as:
- Your niche. You need to be specific about which niche are your working in, otherwise, you’ll be losing a precious time working on the wrong thing.
- Target public. You can’t be everything to everybody. Create a buyer persona profile to be aware of your customers’ necessities.
- Your value. Make clear how your service/ product will add value to your customers
Your actions resulted in a failing business. Solution? Change the way you act. Create a powerful marketing and promotion strategy and you’ll see the improvements.
2. You are running it organically
They say you don’t have to know everything, you’ll just figure it out as you go.
That can be a motivation to entrepreneurs obsessing over their ideas and trying to be perfect, but it is an injustice to the running of your business.
Why do you wait patiently for the results after submitting a funding application or going to an interview?
You do it because you know that there is a process to take place in between before you get a response.
And when you get the “we regret to inform you” or the “congratulations” email after a certain timeframe or not get a correspondence at all, is because those organizations are following their own set of systems/processes on how they handle the recruitment.
So why are you failing your business by running it organically? What process do you follow to recruit (and ensure you recruit the best talent)? What process do you follow for procurement?
How do you decide on service providers? What is your supply chain? What happens when you seal a deal, from that moment until your client receives your value proposition? How does your production plan look like, your workflow?
Maybe your business is failing because it lacks processes, or because your processes have holes. Maybe you need to set the direction to follow.
Before blaming the employees, funds, resources and luck for your business failure deeply assess your contribution to the failure.
What you did or failed to do to keep your business IN business.
Is your business failing or you’re running a successful business? Whatever your situation is, share your opinion with us in the comments below. Help us improve!