Did your business fail? Don’t beat yourself up or blame yourself for what went wrong. Business failure is not the end of the world. In fact, studies show that 18.4% of private startups fail in the first year—65.5% fail before the tenth anniversary.
Failure is nothing if you wake up, dust yourself, and try again. However, doing the same thing over and over again will only give you the same results. So, how do you re-establish your business and make it work? Here’s how to go about it.
Re-evaluate Your Business Plan
A business plan is a blueprint upon which you build your business. It determines how smoothly your business runs, your daily operations, offerings, the staff you’ll hire, and even finances. If your business fails, chances are your business plan has issues.
Re-evaluate the plan to correct these issues. For instance, if your startup failed due to organizational challenges, hire new employees and appoint new supervisors. Here’s what to change in your business plan.
- Focus on the value of your products—make it all about satisfying the customer
- Examine if your business goals are still relevant
- Embrace what is working and let go of what isn’t
Get Your Finances in Order
Most new businesses fail for two reasons: inadequate capital and cash flow problems. These challenges may be worsened by the misappropriation of funds and unnecessary expenses. Before restarting your business, get your finances in order. Ensure you have enough cash to keep it running during the tough times.
1(800) Car-Title, a company that finances many small businesses, recommends getting an online car title loan instead of a bank loan to deal with financial challenges because it’s more affordable. Additionally, manage your finances well. Eliminate unnecessary expenses and limit your expenditure. For instance, you could move to a cheaper business premise and expand as your business grows.
Rebuild Relationships with Old Customers
It’s no secret that attracting old customers is easier than acquiring new ones. You have higher chances of reviving your business if your old customers return. Let them know you are back and show them your new offerings. Reach out to them via phone, email campaigns, or social media.
Employ different strategies to lure them back, such as discounts, giveaways, and referral incentives. Most importantly, give them a reason to return by delivering value through better products and services.
Get Active on Social Media
It goes without saying that if your business is not on social media, you are missing out on many opportunities. About 50 million small businesses in the US are on social media, tapping into the power of social media marketing and creating a strong online presence to boost visibility.
Create business profiles on popular social platforms such as Facebook, Instagram, Twitter, TikTok, and LinkedIn. Grow your social media following and market your offerings to your followers. You never know; maybe a strong social presence is the missing piece your startup needs to succeed.
Just because your business failed does not mean you quit trying. If you restart the company and readjust your strategies, your startup might succeed this time. Change your business plan, get your finances in order, rebuild relationships with old clients, and leverage the power of social media.