Author - Oluwaseun Olayisade

Saving A Dying Business

How to Save a Dying Business

We have identified what signs to look out for to know if a business is dying but why wait till the business plunges when we can be observant in the daily operation of the business. Even when you see the signs that you have a dying business on your lap it is still not enough reason to pack up shop rather it is a wake up call to ensure all your efforts and resources does not go to waste.

You can still make that dying business a success. Here are some proven tested ways to turn around a dying business before it hits rock bottom.

  • Identify exactly where the business is presently and what it needs. Does it need a face lift or total overhauling? This is when you decide to either Pivot (it could be to change the direction of the business, your marketing strategy, customer care strategy, your customer base, your products and services or your business model. It entails your team identifying what exactly needs to be changed and what it should be changed to for results) or Persevere (continue as you have been doing knowing fully well you are on the right track). I recommend “Lean Startup” by Eric Ries for better understanding.
  • Re-brand your products and services to re-position your business and overhaul the impressions customers have formed about your business.
  • Focus by narrowing down your products and services. Carve out your niche to help streamline your resources and ensure you get one thing right at a time.
  • Revisit your Customer Care practice. You will be surprised at what something as little as Customer Care can do to your dying business.
  • In this period the 20% of your customers that bring in 80% of your business (check Pareto Principle for that) should not be left in the dark as to what is happening. Be open to them, they just might know who or what your dying business needs for that turnaround.
  • Before you come up with a new Business or Marketing Plan seek and re-evaluate your customer’s view on what needs they expect your business to meet because overtime your customers’ tastes will change and you need to change with it if you still want to remain in business.
  • Cut off the bad debts customers, the ones that do not pay on time and the high maintenance cost customers.
  • Ruthlessly cut down costs and unnecessary expenses the business may have incurred over time. Close down the branches that are not generating income.
  • Set up a team to investigate your marketing strategy; change it if the need arises (most likely you will need to).
  • Read and Research everything you can find on your niche of business.
  • Qualification and Management: Are the people in your management team qualified for the job or did they get it on a man know man basis? If not it is high-time you overhauled them and employ qualified hands.
  • Bring in a tried and trusted Consultant to give you a third party view on what needs to be done. This is essential since they will not attach sentiments and immediately see what is wrong with the business.
  • Get a good legal representative if you do not already have one to advise you on every step you intend to take so as not to incur costs by being sued.
  • Motivate your employees; their morale and self confidence could drastically be affected as soon as they start noticing the decline in business. Motivating them will bring back the can-do spirit they once had. At all cost ensure you keep the high performance managers and employees.
  • Communication is key. Make sure you run an open house especially to key players in your business.
  • Lastly if you have done your best and still could not revive the dying business sell it off to more capable hands and try a new idea with the proceeds you make from the sales. The idea is to never give up as an entrepreneur. The big names you hear today made a lot of failures before they made the successful business you know about.
Business Failure Yardstick
Business Failure Signs

Business Failure Signs

In every clime the first five years make or mar a business. This is the period that determines if the business will succeed or not. Not until few months to the final melt down do entrepreneurs realize the business is going under and start scrambling to save it meanwhile the business failure signs had been there forever.

A business does not just collapse suddenly; there are signs but most entrepreneurs ignore the signs while most do not even recognize these signs. If these signs had been taken into consideration and dealt with early on the chance of survival would have been higher.

What are these business failure signs and how do we know a business is heading towards closure?

It is a general belief that entrepreneurs have it easy; no they don’t. A lot goes into making a business stand the test of time. There are economic, social, financial, technological and psychological factors that affects the continuity of a business. A perfect or almost perfect blend of all these factors increases the survival of a business.

It is of the essence to recognize the most common and visible signs of a failing business before doomsday so as to decide whether to pivot (change the direction of the business) or persevere (stay the course but make necessary changes to enhance the survival of the business). For further understanding of Pivot or Persevere I recommend you read the Lean Startup book by Eric Ries. You can get it here.

SIGNS OF A DYING BUSINESS

  • Poor cash flow management. Cash flow is the life blood of a business; if not properly managed sends the business crashing. There is a big problem when you do not know when and what to spend on or save.
  • When your clients have nothing positive to say about you or your business and cannot even refer you.
  • Your clients constantly get excuses instead of results.
  • When the satisfaction of the entrepreneur(s) comes before the customer’s.
  • Whether a business is non-profit or not one of the entrepreneur’s motivating factor is profit; if at most after a year the business is not making profit or breaking even there is a problem.
  • As an entrepreneur if you do not love what you do; how do you get people to buy into your idea thereby sustaining the business?
  • When a business lacks in innovation and unique ideas it is gradually dying.
  • When your employees have low morale; employees are the internal customers, satisfying them goes a long way in determining how well they satisfy the external customers.
  • A business set up by greedy entrepreneur(s) is headed for the rocks.
  • When an entrepreneur constantly ignores the market trends and his competitors.
  • The negligence of an entrepreneur and his management is a recipe for business failure.
  • When the growth rate of a business is slow and the parties involved are not driven to proffer solutions to the problem.
  • Expansion without focus: Before expansion a business should focus on one thing. After it succeeds in that one thing it can diversify into other areas.

The points listed boils down to the factors listed in the diagram above. Failure to properly put them into consideration while planning would eventually lead to a business failure. Avoiding these loopholes increases the chance of a business surviving.

Do you feel we have left out helpful tips as to how to identify business failure signs please feel free to drop them as comments.

P.S: Have you signed up for our free newsletter yet? You will get fresh helpful tips as soon as they are published. As simple as you entering your email below.

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Color Wheel
A PERFECT STRIPED MATCH

FASHION FAILS RECIPE

Have you ever experienced a fashion fail or have you seen your friends and colleagues towing that scary path? Let’s take a minute or three to look at some of the fashion fails we mostly fall into so we can avoid it henceforth. These are tips desperately needed to ensure we look chic and elegant.

COLORS

It can’t be overemphasized, colors are a major issue when we dress up; if they fit our complexion, how we combine colors, what colors of accessories we pair an outfit with or the color of the gele (head gear) we match with the aso-ebi not forgetting the shoe and bag/ purse.

Once upon a time we wore one color in different shades from head to toe then came the era of matching primary colors with secondary colors before we finally graduated to color blocking.

Most people wear whatever color is in vogue in that season to fit the crowd (so not cool) rather colors should be matched to the wearer’s complexion. A color is in vogue doesn’t mean it will complement you, learn about your skin color and colors that will brighten you up.

It is of the essence to have a Color Wheel; it shows the Primary, Secondary, Tertiary colors and everything in between. Having one at hand makes it easier to combine colours leaving you feeling like a Pro.

STRIPES AND DOTS

It’s a faux pas to wear mismatching stripes on stripes I mean combining the halves of a separate pair and it is worse to wear a striped shirt on a striped pant or a striped tie on a striped shirt and suit (so not it) and small stripes on big stripes is off limits.

Also any kind of dots on any kind of stripes or vice versa would make you look like the clown in the building. Instead combine stripes with plain clothes or dots with plain clothes.

APPEARANCES

Avoid looking like the drapes or the decorations. If your outfit is too busy bring it down a notch or two with your accessories, shoes and bags. The best dressed people always look simple not loud and yet are elegant. Ladies please cover up your mammaries; it is not fashionable rather it reeks of cheap publicity. As for those that sag their pants I know you feel like you are trying to get your swag on but please cover up your butts or briefs especially when your briefs are dirty; that’s just nasty (so not fashionable).

If you are doing red carpet events go for Chic hairstyles, Vintage and Haute Couture outfits (aim for glamour); do not choose that moment to be a rebel. Being on the red carpet is an opportunity for you to reinvent the fashion trends (in a good way of course) and not cause trauma.

Reduce the makeup ladies instead eat and live healthy. The world’s beauties don’t pile on so much makeup. The goal is to look classy not trashy.

If you are not curvy do no attempt to wear a curvy outfit; do ball gowns or A-line dresses instead. Know your body shape before choosing an outfit. Also if you have fats peeping out from those corners endeavor not to wear clingy clothes (that is absolutely a no-no) instead wear something with a little bit of room.

Endeavor not to slouch when you sit, walk with your back straight up and your chin held high. Ladies if you can’t work the heels please don’t wear them (It kills me when I see ladies on heels walking like they limp). Wear comfortable heels like wedges or flats.

I guess enough said for now. Women pass this on to other women while men take a cue from this and show your women.

Let’s do this people.

 

News on LinkedIn Pulse

DOWN NEWS LANE

Do you want real time business news and professional contents?

Did you know that LinkedIn is the networking site for professionals and business news ?

For happenings in the business world go on LinkedIn Pulse. In the real world the more information at your disposal the more your chances of success. On LinkedIn Pulse you do not just read the news you also get to share it thus your connections think you are business savvy and current like that (cool right?).

Download the LinkedIn App and the Pulse App then sync them together by signing in to the Pulse App with your LinkedIn account. It automatically gives you the top headlines of the day based on your professional listing and connections and shows the articles your connections shared.

You get to read posts from numerous publishers, influencers in your industries, stories shared by your connections, business news and breaking news of relevant industries thus keeping you abreast of daily happenings. You have the choice of saving an article for later or deleting what you have no interest in reading by sliding it to the left and if you mistakenly delete it you can undo the action. What better way to be armed for the day?

LinkedIn Pulse 1.2.0 built for Watch OS 2 is now on Apple Watch so you can read your top 10 news headlines on the go. It is free so no excuses.

As an entrepreneur possessing the right  information increases your business’s chances. You can read the news on the go and also work on your networking skills.

If you know of other means of getting valuable real time business news and contents kindly share them with our readers in the comment section.

P.S: Have you signed up for our free newsletter yet? You will get fresh helpful business tips as soon as they are published. As simple as you entering your email below.

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Social Media Marketing

Social Media Marketing – An Entrepreneur’s Future


Do you know the impact social media marketing would have on your business?

Your products and services get noticed by people you would ordinarily not meet in a lifetime even if you were to advertise on TV, radio, newspapers and magazines.

Welcome to the era of Social Media Marketing or Online Marketing.

As an entrepreneur advertising on social media enables you to target your audience. It also enables small businesses transcend their limited reach.

Imagine advertising on the radio and someone who is not interested is listening they might simply change the station (we all do that especially when a song we love is playing).

Businesses today revolve around Aesthetics and Technology; social media enables you to harness their powers and gains.

According to Wikipedia, Social Media are computer based mediated tools that allow people to create, share or exchange information, ideas, pictures and videos in virtual communities and networks depending on mobile and web based technologies to create highly interactive platforms.

Taking out all the mumbo jumbo, simply define Social Media as web based applications that enable community based interactions and exchange of user-generated contents such as write-ups, pictures and videos.

Examples of social media are Facebook, Twitter, Linkedin, Pinterest, Reddit, Tumblr to mention a few.

According to Wikipedia, Social Media Marketing is the process of gaining website traffic or attention through social media sites. 

I simply say Social Media Marketing is advertising on social media sites via posting of contents, pictures or videos to drive traffic to your website thereby converting clicks to actual customers.

  • Social Media Marketing benefits your business as follows:
  • Directs traffic to your website
  •  Helps to shape your Brand
  •  Increases the public’s awareness of your brand
  •  Gives your business the platform to share ideas with your clients
  •  Increases your customer base

For Social Media Marketing to be effective you need to have a clear goal, waterproof plan, great strategy and awesome contents.

A proactive entrepreneur can not overlook this trending development in the business world of today. Online marketing is the new publicity stunt.

Get on the web people and make your business socially present.

Please feel free to share the benefits of social media marketing we did not mention in this article with our readers in the comments section.

Hit the subscribe button below to receive tips to improve your business.

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Partner With Us

WHY ARE WE HERE?

As a fashion and beauty business you need to showcase your products and services. Let us see your unique tastes in fashion and drink from your wealth of knowledge; It could be clothes, shoes, bags or accessories. We are on this journey with you.

Today businesses revolve around Aesthetics, Social Media and Technology; we would like to explore this with you. Gone are the days PR was done offline; this is the era of Online Marketing and PR.

From our previous experiences we guarantee this will strategically place you in the face of people thereby increasing your clientele and sales.

Who is ready to dive in with us?

MoKrsytal 101

We all want to be the cynosure when we go to an event or even in our everyday lives like going to the office, the beach, mall, cinema or even at an exhibition. Your ensemble is not complete till you have a glamorous outfit that fits your body type in colors that match your skin while properly matched with the right accessories. Your accessories are capable of making a bold statement; they take you from drab to glam.
At MoKrystal we give you fashion tips that makes you look elegant, graceful, dazzling and chic. We also share with you timeless fashion items that you should have in your closet to build your style (Brand) and at the best price of course.
Owning exquisite pieces should not be a do or die affair rather it should be purchased at a reasonable price. These and so much more at MoKrystal.
Let’s do this.