Entrepreneur Strategies to Reinvigorate Your Business
Does it seem like your business is in a slump Perhaps economic woes have hit it hard, or the shine has worn off your new product or service. Now is the time to grab the reins. No more passivity; try these eight entrepreneur strategies to breathe new life into your business.
1. Tie Your Business to an Experience Rather than to a Product or Service
What do businesses such as Walt-Disney World, Amazon, Apple, Tiffany and Mercedes-Benz have in common In a nutshell, they promise an experience. For instance, Amazon’s goal is to make shopping easier, and Tiffany promises to define love’s special moments. So, if sales of a product or service have been flagging, shift your focus. Think about what experience your business wants to provide and how you can do it.
2. Tap into a Niche
When you think about the experience you want to deliver, you’re in great position to unearth underserved niches. What resources and capital does your business have that you can apply to such a niche Determine a unique asset your business has to offer. The gym Curves is an excellent example of entrepreneur strategies done right. A husband and wife identified a need for women to have a safe place to get into good shape, and they found homes for the gyms in many small towns.
3. Keep Up with the Times
Some trends amount to little more than fads, here today, gone tomorrow. The trick is not in chasing current events but in identifying ways that you can apply new technology and ideas to make customers’ lives easier.
4. Study Your Competitors
If you are having some trouble identifying an underserved niche, one of the greatest entrepreneur strategies is to study your competitors. You need just one area in which they are vulnerable. It could be in delivery times. It could be in product returns. It could be in customer service. Whatever the weakness is, flip the situation around, and make it your strength. Do your competitors’ products take five days to arrive Include next-day shipping as part of the shopping experience your business offers.
5. Overhaul Your Business Plan
While you do regularly update some parts of your business plan, it may be time for an overhaul. When is the last time you did a market analysis, for example Is your marketing and sales section out of date You might need to make provisions for online entrepreneur strategies like app development, social media presence and website analytics. Tinker with old marketing methods so that they are more effective. In the process of updating, new patterns and ideas may come to light.
6. Align Your Business with New Partners
If your business does not have partners, now may be the time to start. And if it already does have partners, could it be time to bring a few more on board Suppose you run a restaurant. You could approach nearby hotels asking to have brochures about your restaurant displayed in their points of interest shelves. In return, you’ll perform similar marketing for the hotel at your restaurant. These deals need not be exclusive; the hotel can display information on several restaurants, for example.
7. Reach Out to the Community
Helping people makes folks feel better, so it’s little wonder that one of the best entrepreneur strategies is community outreach. A restaurant could have a fundraiser for local sports: for instance, 50 percent off meals that night or time period. A hair salon could offer a free cut and style for domestic abuse victims. Even purely online businesses can get into the spirit. An e-commerce store selling clothes could donate one shirt to needy children for every ten shirts sold, or it could get more tangible by offering free uniforms for a sports team in the community where the store is based. There truly is no limit to the opportunities you have available.
8. Reinvigorate Yourself
It’s difficult to refresh your business when you haven’t changed much in years. Invest again in yourself. Join new clubs, and meet new people. Do one new thing each day. That newfound enthusiasm for life is likely to spill over into your work.
Running your own business has always come with a diverse set of challenges. While some forces, such as economic woes, are out of your control, there are plenty of entrepreneurial strategies to help your business pull out of a rut or move to the next level. As you make all-star hires for your business, take advantage of the tools here at Mighty Recruiter to help.