5 Tips To Stop Your Business From Failing
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Is your business struggling? Are you lacking motivation to grow your business?
Perhaps you’re having difficulty gaining traction? Or maybe your expenses are eating away your revenue, making it difficult for you to stay afloat?
No matter the issue or issues you’re facing right now, know that you’re not alone.
As a matter of fact, 60% of small Australian businesses fail within three years of inception.
But that doesn’t mean there’s nothing you can do to prevent this scenario from happening.
In fact, we’ve shared below five tips that can help save your business and ensure it thrives in the future.
Tips To Steer Your Business Away From Failure
Don’t Give Up
We know what you’re thinking; ‘’easier said than done’’. And you’re right. Staying motivated through challenging times is tough. Especially as you’ve invested a lot of time, effort, and resources into your business and gave it your heart and soul.
But that’s the key.
You’re the heart and soul of your business, and if you want it to succeed, you need to stay strong and keep persevering.
As a business owner, you’ll face challenges. It’s inevitable. Adopting a growth mindset and seeing challenges and failures as a learning experience can make the difference between a successful and failed business.
Find A Mentor
Did you know that 92% of small business owners with a mentor report mentorship as critical to their success?
A mentor has years of experience either in your industry or as a successful business owner. Even better, it could be a successful business owner in your industry.
Leveraging their expertise and years of experience, a mentor can provide guidance on what you could be doing wrong and how to adjust your strategy. Their experience can be a tremendous asset for you, helping improve your business and even allowing you to take it to the next level.
So, make sure to spend time looking for a mentor either in your personal network, on LinkedIn, or through networking events.
Conduct A SWOT Analysis
A SWOT analysis looks at your business's strengths, weaknesses, opportunities, and threats. It’s an important exercise to include in your marketing plan because it allows you to analyse your current performance and identify areas that aren’t working (pricing, operation expenses, etc.). This way, you can implement a plan of action to adjust your strategy.
Every single part of a SWOT analysis matters. However, because your business is failing, the weakness part of your analysis is particularly important. When working on this section, try to answer some of these questions:
- What are your business weaknesses?
- Do you lack resources, and if so, what resources?
- What areas of your business aren’t profitable?
- Where do you need more experience or education?
Answering these questions will help you identify what areas might be hurting your business and set goals and strategies to improve them.
Understand Your Target Market
When we have an idea for a new business and get excited about it, it can be tempting to overlook the market research phase of launching a business. After all, it’s not as thrilling as getting your products or services out there!
Yet, market research is key to building solid foundations for a successful business.
Understanding who your target market and buyer persona is is essential because it will (among other things) help you understand what their pain point is, how your solution can help, and where and how you should market your offering.
Purchase Business Insurance
Whether you want to open a nail salon, become a landscaping contractor, or run a makeup artist business from home, business insurance is paramount to prevent your business from going under due to costly claims and legal action.
To find the best insurance policy for your business, jump on our free instant quote generator, where you can get an estimate on market-leading insurance in seconds.
Simply enter your occupation and expected revenue to get started.