Businessmen often feel that they have attained stagnation in their business. There is high labour turnover, sales have bottlenecked, production facilities are operating at optimum levels, and things have attained homeostasis. This is when one needs to find ways to come up with new ideas, innovative techniques that encapsulate the market and make their business a market leader. Each business has potential avenues for breaking the monotony, and they need to analyse adopting which method will help attain success.
If you are confused where to begin from, have a glance at the below mentioned points to give a jump start to business:
Target customers through multiple channels
If your business has an online presence, you must be aware that no single marketing channel is full proof. You must reach your target audience through multiple channels so they understand the reach of your marketing activities. Using the various social media platforms can prove to be effective in today’s day and age.
You must understand the importance of the 60-20-20 rule that focuses on identifying the tasks and activities that need your attention. 60% should be prioritizing activities that truly add value to your business and are vital to its success. The balance 40% should be equally divided in planning and strategizing your activities. Planning leads to getting a course of action in place whereas strategizing leads to selection of the best strategy that is beneficial for your business.
Clearing dues at the earliest
Every seasoned business-person is aware about the benefits of clearing the dues well before time. Prolonged delays creates a bad image for your business in the market and can hamper one’s reputation as well. Dues can be in the nature of payments to suppliers. For honouring all payment timelines, you can opt for a business loan which may be in the nature of a working capital loan. Alternatively, if your business is a registered Small and Medium Enterprise (SME), you can opt for an SME Loan.
Businesses which have a seasonal nature of work should avoid understaffing. The business-persons tend to stick to the idea of managing the busy season with the available workforce. Instead you should plan for the busy season and accordingly hire staff. This does not hamper the quality of work. One can obtain a business loan in the initial phase till there is stability to the business to support the staffing requirement. The returns the workforce generates is far more than the cost of hiring them.
Complying with statutory formalities
Timely compliance of the statutory formalities helps the business create a good social image. Along with staying away from the scanner of regulatory authorities, the customers look up to their brand image and it is even useful in creating customer loyalty. It becomes easier in availing credit facilities for the organisation if you stay up to date with necessary statutory compliances. If you have a small scale of operations, you can obtain small business loans and the lenders can place their reliance on the completed formalities and are less hesitant to offer loans for small business.
Bridging the financial needs with temporary loans
You will not want to not do anything when there is slack in the market. At such times, you can avail SME loan or a business loan depending on the nature of our business. Manufacturing units should keep operating despite the slow-down in the market. For a service industry, staying put in times of slow down with available resources is the ultimate priority. Availing small business loans can help you get through as the return on investment is definitely more than its cost.
While your business may not need to follow all the above listed methods at a single point in time, most successful businesses make use of them during their entire lifetime. To gain momentum, you can begin with those activities that are aligned with your existing business strategy. Gradually you can incorporate all of them to achieve a radical breakthrough for your business.