At the beginning of 2015 there were 5.4 million registered private sector businesses in the UK alone, of which 99.3 per cent were classed as small businesses. That’s an incredible number and proves that there are thousands of opportunities for small companies to set up and enter many market sectors successfully.
However, a lot of small businesses can at one point or another experience a slowdown period. They may have started off brightly but sales or production usually stall due to a number of reasons. If this is happening to your company, don’t fear, as there are various ways you can revitalise it.
Adapt your business plan
Depending on how long your business has been running, the market sector you work in may have changed dramatically. Whether it’s due to changing technology or an increase in competitors, the business plan that proved so successful in the early years may well be somewhat outdated now. Your competitors may have picked up on any weaknesses in your plan and changed their model because of them. Therefore it may be time to assess and adapt your business plan to reignite growth.
Outsource certain tasks
Many small businesses can end up doing too much themselves. While it may be cheaper at the start, it is not always the most cost effective method, as certain areas will suffer when you and your team become strained. This could be marketing, content production or other factors. Instead it might be worth outsourcing particular business tasks, such as freelancing your marketing tasks. There are many benefits to outsourcing.
Conduct and act on an internal audit
The main way you’ll realise your company is stagnating is when the profits start to fall or stop rising. Conduct an internal audit to see where you can cut back on costs and act upon it. Your company may be spending excessive amounts on overheads each month and with a revised business plan need some extra finances to grow. Using the invoice discounting services from Touch Financial could help free up some cash for this purpose.
Host an event
It may just be that your business has been around for a while that potential new customers and clients have forgotten about it, or it has blended in with the competition. Make a statement and stand out by holding an event. It could be putting on a series of webinars or hosting a customer meet and greet, charity event, something that stands out and will live long in the memory. These should all help rejuvenate your small business.