When profits have previously been good but have started to take a nosedive, it can be frustrating as a business owner. There are often so many variables and different elements of the average company that it can be difficult to pinpoint exactly what’s gone wrong. If you’re currently experiencing this, here are a few things to take a closer look at.
Your Marketing Needs Improving
It doesn’t matter what you do or what you sell in business, if people don’t know about you then you simply won’t make the sales. Its a competitive world out there, with so many other similar companies you can’t just expect to open your doors (physical or digital!) and expect people to come flooding in. Your more established competitors will show up ahead of you in search engine listings, they’ll have more social followers and will generally be more well known than you are. In order to change this, you need the right marketing. Things like blogger outreach can improve your domain authority, and in turn will lead to higher search engine rankings. Software such as WordTree Amazon keyword tool can help you to focus your SEO efforts, particularly useful if you run a business blog that you use for promotion. As well as online marketing, for some businesses direct and face to face methods can be better. Trade shows, posters and billboards, sales canvassers and more. If you’re unsure where you’re going wrong in marketing, consider outsourcing to a professional company who will know exactly what you need to do to get back on track.
You Need to Change Your Shipping Company
As well as selling an excellent product, it’s up to you to get this to customers homes on time, and in one piece. Not all shipping companies are alike, you need to find one that’s reliable and trustworthy. If items go missing, late, are delivered to the wrong address or turn up broken then unfortunately it’s you that will get the blame. The company you choose will directly affect your reputation so choose wisely. Lots of delivery companies these days give customers the chance to track their parcel on a map, get notified when their order is on the way and provide accurate delivery times. Read your reviews, if lots of people are complaining about shipping then this could be a reason for your lagging profits.
Your Employees Productivity Might Have Dropped
Even good employees can have off days. However, ongoing productivity issues could mean there’s something that needs to change. Could you update your office? A more pleasant space can make for better productivity. Refreshing their training could be helpful, or you could invest in team building activities. If certain employees aren’t pulling their weight then it could be worth speaking to them or even letting them go. Otherwise, there are things you can do as the boss that can boost mood and therefore improve workflow.
Have you experienced profits slowing down? What was the cause, and how did you put it right?
*This post has been written by an outside source for Morning Business Chat.
