Righting the Sinking Ship

By Steve Marsten

Lately, it seems more than ever before, businesses are reaching out for help. If your business is losing customers or money and you don't know how to plug the hole then its time to talk to your professional.  

Recognising when things start to go south is obviously, very important. It’s not the end of the world though… at least not if you adopt steps to try to “right the ship.”  Three areas we look at to start with are:

1.       Are you losing customers?

If customers are drifting away, it could be a coincidence, or there could be common underlying reasons. The best advice we give is to reach out to each departing customer. Learn why they are leaving you. What is attracting them to your competition? Is there anything you can offer to save the relationship? You may end up retaining a customer and at the very least, you’ll take away valuable information that could keep other clients. This could mean the difference between staying in business or closing your doors for good.

2.       Are you losing too much money?

If cash seems to be the main issue, you need to look hard at your expenditure and outgoing cash flow. Bring in outside help if you’re not as good with finances as you thought. We encourage people to establish simple systems that address these matters on a daily basis with minimum effort. Awareness is the best way to stay in control.

3.       Are you falling behind in skills, technology, or visibility?

It may be time to take a deep look in the mirror. Are you losing your mojo? The initial step of talking to your customers can sometimes highlight this.  But, if not, take a long hard look at each one of these. Are you the dinosaur? Could you be more innovative?

Ask trusted customers about their expectations now and in the next 12 months and take on board their feedback.

If your business is going under, the quicker you act, the better the outcome. Call us at Sothertons on 49721300 for more detailed strategies.