4 Tips To Save A Failing Business
Unfortunately, many businesses are on the brink of failure or not producing enough revenue to continue to operate. Many factors are needed to build a successful sustainable business.
On the latest Black Entrepreneur Blueprint podcast episode # 519, Jay discusses and dissects four ways to help save a failing or underperforming business. If your business is failing or underperforming tune in to this episode as Jay gives you actionable steps to transform your failing business into a profitable business.
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BLACK ENTREPRENEUR BLUEPRINT EPISODE # 519 – SHOW NOTES
Today I’m going to give you three ideas to help you save your failing business. These are simple ideas that just need to be implemented that will help you save your business. The problem is that most people don’t take action to correct their situation or just don’t know how. So today, we’re going to remedy that problem.
1. Cut Expenses – Look at your expenses and cut out things you don’t need. Put your expenses in three different categories: must have, want it but can do without, and don’t need (maybe you can do it yourself and trade time for dollars – do something manually). You need to do a full expense audit. It’s simple to do if you use software like QuickBooks for your business which categorizes expenses.
Examples: Getting rid of software you don’t need, reducing your office space and working from home, laying off employees, and use virtual assistants.
2. Increase Revenue – Look at how you can increase your revenue without increasing your expenses like increasing your prices, marketing affiliate products or services to your audience, or adding new products or services.
Examples: Send an affiliate product link to your database. Test a new product or service idea by having people pre-pay so this way you’ll know if there is demand for the product or service. If there is a demand then create the product or service. You can do this as many times as you need to increase revenues without incurring expenses until you provide that product or service.
3. Increase Your Qualified Leads – Increase your qualified leads by building or retooling your lead generation system. Make sure your lead generation system has a self-liquidating offer to offset your advertising cost.
Examples: Create a new marketing campaign or split-test your current marketing campaigns to determine what works better. Create a systemized referral program for your current customer base
4. Look For A Strategic Partner(s) – A strategic partnership is an arrangement between two or more companies that agree to support each other to help both parties succeed.
The best strategic alliances offer clear benefits to the audiences of both brands. When a partnership appeals to both audiences, then the two businesses can expand their reach and generate more sales. It’s a win-win strategy!
Uber and Spotify
Uber’s partnership with Spotify lets Uber riders easily stream their Spotify playlists whenever they take a ride. This makes the Uber experience feel more personalized and encourages Uber riders to subscribe to Spotify Premium (for more control of their tunes both inside and outside Uber).
Uber’s rivals don’t have a similar personalized music experience, so this gives the rideshare giant a competitive advantage over Lyft and other similar services. And since not all Uber riders have Spotify, and not all Spotify users ride with Uber, both brands gain access to new, broad audiences in this business alliance.
Starbucks and Target
One of the most well-known strategic alliance examples is the Starbucks and Target partnership. As soon as you walk into Target, there’s a Starbucks counter waiting to blend your favorite drink.
Target and Starbucks know their brands share similar a audience – busy shoppers looking for affordable “luxuries” and a quick escape from the everyday.
This strategic alliance was formed back in 1999 and is still going strong. Thousands of Target stores host Starbucks cafes to help fuel people’s Target runs. Target customers know if they get hungry or thirsty during a shopping trip, Starbucks has them covered right in the store.
Other Examples:
Mortgage Broker & Insurance Agent
Watch company & Bow Tie Company
Alarm Company & Home Improvement Company
Financial Advisor & CPA
Sunglass Brand & Clothing Brand
