How to Turn Around a Struggling Business: Tips and Real-Life Examples

Weak management.

Many enter into the business world because they're passionate about something but rarely do they get into business with a passion for human resource management and operations.

A survey showed that 52% of small businesses have labor quality problems. Coincidence? I think not.

Without letting go of the wheel and handing it over to someone with experience and strength, you won't be able to make up for your shortcomings.

Small businesses lack the ability to understand their customers because they are often not prepared to meet the marketing demands of their company.

Poor marketing can result in difficulty in determining costs and the inability to reach a target audience and conversion goals.

Marketing is crucial for any early-stage business. If you do not understand the basic marketing strategies and how to apply them, how will you be able to create and implement successful campaigns?

1. Develop a growth mindset
2. Set doable goals
3. Learn why customers are leaving your business and establish a feedback system
4. Identify your target audience
5. Perform a SWOT analysis to get back on track
6. Track your finances weekly instead of monthly 
7. Get funding if you need it 
8. Do a close analysis of what's working for you and what's not; be prepared to make drastic changes
9. Invest in marketing 
10. Be proactive