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5 Ways to Jump-Start a Dying Business
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|Why is your
the Trees to
If you think your business is failing, you need an outsider to come in and help guide
you through the process. That's where I come in.....
According to Gallup, half of new businesses in the U.S. fail within the first five years -
I see it more like 6-8 years. But it’s important to remember that they don’t fail
overnight. In fact, if you look closely, there are a few key signs that can help you
identify a failing business months before it happens. Some of these signs include a
halt in growth, poor cash-flow management, and a glaring lack of innovation or
The first thing most business owners do to try and save their business is cut
expenses, but that only slows down the inevitable. What we need to do is breathe
new life into a dying business by jump-starting it.
I can give your dying business the jolt of energy it needs to get back on the path to
success. I’m going to outline a few ways to help turn around a failing business and
help you implement them before it’s too late.
Pivot and Change Direction
Pivoting sounds simpler than it actually is, and could mean many different
things to different businesses. For some, it might mean changing your
business model, for others, it might mean moving to a completely different
vertical or changing your target customer and offer an entirely different
A rebrand isn't generally the first thing business owners think about when
sales start to plummet. But sometimes, when products and business aren't
positioned properly, a rebrand is necessary to solve that problem.
A rebrand that will successfully jump-start your business isn’t going to be as
simple as changing your logo. Your entire brand’s approach to how it positions
itself in the market will need an overhaul to see a major impact. This is where a
fresh set of eyes can help guide you through the process.
When a business owner tries to do too many different things, it can cause the
business to stretch itself too thin.
In other cases, a lack of focus could mean the target niche is too broad and
now your business revenue is solely based on price. When your target
customer is “everyone”, it’s really nobody. This is why getting really specific
with your target customer is important. Do you really know who your customer
If you do, does your business lack focus? Is it trying to do too many things, or
be the best at too many things?
Create a New Marketing Plan
Are you making the most of social media? Is your website optimized and
appearing in searches where customers are trying to find you? Perhaps you
overestimated the market size or your market research was poorly executed.
A new marketing plan can reinvigorate your business by giving you a blank
slate. What you were doing before clearly wasn’t working, so a fresh marketing
plan that tries new things just might get your business out of a rut.
Take More Risks
Many business owners believe that during a time of crisis, their best option is
to play it safe. This couldn't be further from the truth. Taking bold risks is often
the best course of action to save a dying business.
When you think about it, you have a lot less to lose when your business is
nearing its end. You’re much better off trying new and crazy things than being
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Source: 5 Ways to Jump-Start a Dying Business (and 5 Businesses That Did It) by Corey Ferreira - Oct 28, 2015