Rejuvenating your businesses can be a good way to give it a little boost and increase your profits. If you have been operating the same way for a long time, your usual business strategies may have lost their impact. This is normal for any business, the world is constantly changing, so as a business it is your job to adapt with the world and ensure you continue to provide your customers with the best service.
You may think rejuvenating your business will be a huge task, but there are many helpful tips you can use to push your business back into success. Here is our six top tips on how you can rejuvenate your business this year.
Outline The Current Problems
Before you start to improve your business, you need to establish what problems you are currently having. An easy way to work this out is by analysing your figures and seeing what is financially working well and what isn’t. This way you can identify your main issues and you don’t waste time trying to improve something that is already working.
Looking at the numbers is on way to identify problems, but another way is to talk to your employees. Your employees have a unique insight into the working of your business which you may not have, so communicating with them could give you information that numerical data isn’t able to show you. They may also be able to offer ideas on how they think you could improve the running of the business based on their first-hand experience.
Once you have outlined the current problems within your business, establish which ones are of the highest priority to resolve and which ones can be picked up at a later date. Once you have your list, you can get started on rejuvenated your business.
Ask Your Customers For Feedback
Asking customers for feedback is an effective way to give your business a boost. Customers view your business from a different perspective, so asking for their feedback is a good way to get a different insight into your business and find what is effective for your customers. The needs of a customer can constantly evolve, so the feedback they provide can give you important information that you can use to make changes and adapt your business accordingly.
Only one out of every 26 customers are likely to bring up their complaints, so, it is important you show your customers you want their feedback whether it is good or bad. Customer feedback shows your customers that you value their opinion and care about their needs. As a customer, you seek businesses that are consistently improving their services, so asking for feedback demonstrates that you want to do better. Customers can be extremely diverse, so it is an effective way to get a vast amount of reliable information with minimal effort.
Once you have the feedback, you can take the time to make the changes needed and show your customers that you actually listen. This can improve customer retention as they can see first-hand that their voices have been heard and they have made a direct impact. The changes you make can also bring in new customers too, so your business can continue to thrive and be successful.
Secure Short-Term Finance
Securing short-term finance is a simple way to inject your business with a bit of extra money. Money plays a big role in the success of a business, and when changes needed to be made, they can be costly. Having some money to fall back on can give you a bit of extra support and can help you to make the improvements needed for your business to grow.
A merchant cash advance is a short term, unsecured cash loan that businesses can get to give their company a boost. The cash injection is loaned against future debit and credit card sales of the business, so the money is repaid automatically when payments are processed on a card machine. A merchant cash advance is a good idea because it takes away the worry of monthly repayments and your repayment schedule works alongside the monetary intake from card payments. So, if one month you take a lot of card payments, your repayment would be more, but during a quiet month, your repayment will be less.
A merchant cash advance can be used for anything within your business. So, if your business needs a refurbishment, your cash advance can be put towards that. Another good way to spend it could be on hiring or training. Your employees play an important role in the success of your business, so perhaps take the time to hire new, experienced staff or put your current employees into extra training to ensure you are always delivering the best customer service.
Improve Your Online Presence
In the modern age, having an online presence is an essential part about running a successful business. However, it isn’t enough anymore to just have a working website, you need to think of your online presence as important as running your business in person. Your website is what connects your business to the rest of the world, so it is crucial to ensure your website is up to date and runs smoothly.
Your website should look professional and be representative of your brand. Customers should be able to navigate through your website easily and be able to the information they need quickly. Ensure your website is up to date with things like opening times and prices so your customers know what to expect. Studies have shown that 53% of mobile website visitors will leave a webpage if it doesn’t load within three seconds, so, make sure your website goes through regular maintenance to keep it working efficiently.
Another important part about your online presence is social media. Depending on your business, customers may be more likely to search for your social media platforms than your website, so it is important you have active social media profiles. Social media is good way to get information out quick to your customers in a fun, interactive way. You can receive direct customer feedback through your comments, which means complaints can often be dealt with quicker.
Use Digital Marketing To Your Advantage
Digital marketing is a cost-effective way to reach both current and new customers and is an important tool for any modern business. If you are wanting to rejuvenate your business this year, then investing in digital marketing methods would be a good way to give your business a boost. You can reach a diverse range of new customers and show your existing customers your brand is still worth investing in.
The power social media has in modern marketing cannot be understated. Social media platforms have the ability to reach vast amounts of customers within such a short about of time so it would be remiss to not take advantage of that. One good social media marketing tool is running competitions. Depending on your brand, a competition can be an effective way to get more traffic on your pages and increase your following. Inform people that to enter the competition they must like the post, follow your page and tag two friends, for example. By doing this, a lot of the marketing will essentially be done for you.
Another effective digital marketing tool is online advertising. Adverts have always been effective for businesses, and existing in a digital age means it is important to put those adverts online too. Again, social media is a good platform for this, as you can pay to promote certain posts, so they reach a bigger audience. Often with promotional posts online, you can select the audience you wish to reach, so your adverts can be much more targeted which can yield a greater engagement with your business.
Consider A Rebrand
If your business is feeling a little stale, a rebrand could be what your business needs to feel rejuvenated and get back on track. You may have fallen out of love with your businesses name, logo, or you may be trying to enter a new market, and you feel a rebrand will help you get there. Whatever the reason, rebranding, if done correctly can be effective in increasing the success of your business.
A rebrand doesn’t mean that you must change your core business values, it can instead be a way you give your business a refreshed look to maintain your current customers and attract new ones. Rebranding can be a good way to distinguish your business from your competitors, as it shows you are willing to evolve and adapt to the ever-changing business world. There are many companies that successfully rebranded, so if you are still not convinced, check out this list to give you some inspiration.
Summary
If you are worried your business is struggling, then it may be worthwhile to give your business a much-needed rejuvenation this year. Take the time to work out what isn’t effective for the progress of your business and instead find strategies that will be successful. Follow our six top tips to help you improve your business and increase your chances of having a successful year.
