Adapting Your Business Strategy to Overcome Your Revenue Challenges

If you are feeling panicky and nearly paralyzed about what to do to turn your business around, it’s time to pivot. Dig in and analyze all aspects of your operations and determine what is working and what is not. Success in entrepreneurship in a time of economic uncertainty takes resiliency and the willingness to change strategies and carefully rethink original goals, refine them, and adopt new ones. This is the concept of pivoting which can lead to a reset of your business restore your passion, and position you for financial growth. Don’t underestimate the positive effects of embracing any number of these ideas:

  • Revisit your target market: For example, can your target market expand? Is it the same as when you established the business or are baby boomers a new or growing segment? Can you simplify your ordering process or create marketing messages to relay how your product fits into the lifestyles of older adults with discretionary income, improved wellness, and interest in remaining active?
  • Consider changing your business model: If you are doing one-off sales to customers, convert to a subscription or membership model. This could work for tax preparers, those who offer accounting services to other small businesses, shipping services, food prep, property managers.
  • New product development: Get feedback from loyal customers and prospects. Don’t just ask for reviews on your website. Contact them personally and arrange a time for a short interview, asking them specific questions: How does my product relieve your pain point; what do you like or dislike about it; any ideas on improvement; and who else do you do business with? Thank these folks with a gift card or discount on their next purchase.
  • Revisit your value proposition (or establish one). Assess the competition to determine which aspects of their business you can do better—customer service, smarter chat box features, customization of a bestselling product to sell at a premium price?
  • Revamp your website, focusing on improved navigation and compelling content, especially videos.
  • Build a better communications strategy. For example, create a social media group to actively engage with existing and potential customers. Here’s where you can highlight your expertise in your chosen field. However, it is important not to always be selling your product or service. Be helpful, encourage interaction among the group, and offer free, private consultation.

When to pivot:

  • Analyze your data now to identify your own pain points. Opportunities may emerge; at the very least, stop doing what is not working. Find cost-saving tactics, including changing vendors, reducing inventory of products that don’t move.
  • Hire temporary help: Depending on your pivot strategy, seek the contract services of a tech expert in your industry, a manufacturer, supply chain expert, pricing strategist (usually a savvy marketer), product developer, website developer, etc.  (Don’t forget to have your experts sign off on your non-disclosure agreement!)

It’s important to remember that pivoting is also for the good times when you’re reaching and achieving revenue goals and ready to expand.

Your new plan needs to be documented so it’s now time to revise your business an. You’ll need financing along the way. Make a favorable impression on potential lenders such as the Women’s Venture Fund, your banking partner, or those looking into invest in women-owned businesses.

Put your best foot forward, be resilient, and get on track for sustained growth! ——————–