Three business turnaround tips
Learn three tips that can help you improve company culture, boost employee morale, and increase revenue.
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Here are three strategies that can help you get your business back on track, get you back to prosperity and not just surviving.
Number one, look, I want you to seek an outsider's perspective, and it doesn't have to be a high-paid consultant. It could be an uncle, an aunt, a friend, a buddy. Somebody come in your business and actually look at what's happening: How are the phones ringing? How are your people serving customers? How do they respond? How do you respond to struggles? You need to come up with a very crystal clear understanding of the real problems in your business. And unfortunately, sometimes, when you're there every day, you can become blind to the problems of your business.
The second thing I want you to do is start molding your employees and create the workforce, the dream workforce, that you actually want. This starts with the culture. What is the culture of your company? Look, when a business is struggling, what happens is morale suffers, leadership suffers. The customers start feeling the effects of poor customer service. You might even be having high turnover, causing you not to want to create the culture you want. Go back to what's ideal for your company. Break the cycle. This is very difficult in the beginning because not everybody is on board, so it takes some time of daily repetition and meetings, talking about culture: who we are, what we're about, why our products are great, why our services are great. Success stories that the company is having to start getting your culture to gel.
The third thing I want you to do, in turning your business around, is I want you to create one tangible, achievable goal that your company can attain this week – something that everybody can get behind. Something you can actually get done and happen. This is going to rebuild morale. It might a revenue target. It might be to finish a project. It might be to have an ad made. Something simple. Something easy.
Lastly, for your company to make the turnaround, you have to focus on revenue. Look, revenue is the lifeblood of your company. And as money gets tighter, as morale goes down, as people become disengaged, the first thing you want to do is pull back, to contract, to retreat. Don't do that. You have to invest money. It is imperative that you spend money on opportunities that will help grow revenues.
Look, it's easy to dwell on the challenges and the struggles of your business. It's easy to get lost in the news or the economy or the problems. Take a step back. Approach your challenges from a strategic rather than an emotional standpoint. Be rational and always stay in that mindset that you control your business. You control your future. Remember, windshields on a car are bigger than rearview mirrors for a reason. It matters where you're going, not where you've been.