Business involves a constant risk. Sometimes entrepreneurs may fail, and failure is a part of everyday life, but a fundamental part of overcoming business failure is the right mindset. It begins with a positive attitude and a willingness to change. Winston Churchill stressed this vital factor, saying, “To improve is to change; to be perfect is to change often.”
Read in my article top effective ways to reactivate your business and achieve success.
Rearrange your business plan
Everything starts with a vision. It’s time to rearrange your business plan - use it as a map determining
- mission statement
- the products or services you will offer
- target customers
- ways to find prospects
- new marketing strategies
- problems you will solve
- new ways to get cash flow
- write down your goals. Use the SMART goal-setting method to keep yourself focused:
Specific: State what you want to accomplish.
Measurable: What results do you want to see? Break them down into easy steps.
Achievable: Are your goals realistic? Make sure you have the time and resources to make them a reality.
Relevant: Your objectives should line up with what you’re trying to accomplish for your business.
Timely: Set a deadline and stick to it.
Conduct frequent swot analyses
A SWOT (strengths, weaknesses, opportunities, and threats) analysis is an examination of the internal and external areas of your business.
The key is to determine your identifiable strengths and weaknesses. Ask yourself where you would like your business to be in the future. Look at where you are now. Try to focus on your strength more and find alternative solution for weaknesses.
Manage cash flow efficiently
Without consistent cash flow, your business will eventually fall and die. You need to have money coming in to pay all expenses. First, have a cash flow forecast, here are some ways to get cash flow:
send invoice on time or in advance
taking deposit payments in advance
and promptly following up with customers who haven’t paid you
hire a third-party to follow customers who haven’t paid you
Keep Your Customers at the Heart of Your Business
According to Gartner statistics, 80% of a company’s revenue comes from 20% of its customers. It is obvious that satisfied and loyal customers are the success of your business. Involve them in your business strategies, marketing campaign planning, and new product development. Share their case studies, consider their points of view, absorb their feedback (both good and bad), and make them feel important.
Having a failing business doesn’t mean it’s the end of the road. You will encounter obstacles along the way, but you will also find ways to overcome those obstacles. I hope my article will help you in your way to successful business! Share your opinion in the comments below! If you have your question, please write it below, I would be glad to answer your questions or to introduce your project to my team at Astorts Group to be evaluated.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the CEO of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.