|How to Overcome a Bad Business|
It turns out that many businesses fail to thrive simply because something can't be done. For example, you as a business owner often think that doing everything yourself will save on labor costs. Even though it does not make your business more profitable, you know. But it just pushes him back and forth and it's hard to develop. Why? With so many tasks that you do, you no longer have time to think about future strategies, innovations, and don't even have time to pay attention to product quality details. So that it has the opportunity to make consumers disappointed and switch to other products, even worse, it can hamper the development of your business. If this is the case, what can you do about it? Here are some tips from Investree, check it out, come on!
Find out how much your work time is worth
Too much work you have to do is often stressful. It could be that you're actually working on a task that you don't like and that takes longer to complete. This then wastes your valuable time and makes the work ineffective. Try to calculate an effective hourly rate for you to work so you don't get stressed easily and have a better space for thinking. How to? First, calculate the number of hours you work per month. Second, calculate the amount of your monthly income minus operating expenses, raw materials, and others. Third, divide the net profit by the number of hours you worked. The result will show the value of your working time. Let's say your effective hourly rate is $2.00. Is it worth it? Are you working effectively? Now create two columns on a sheet of paper. One column is for a list of high-priority tasks that can earn you money and the other column is for tasks that you can delegate. That way, you can measure the effectiveness of your work time again. You can stop the work that outsourcing workers/freelancers/virtual assistants can do and just focus on doing tasks that can generate money so that you can increase the effective hourly rate.
Stop doing the wrong thing
As business owners, we often fool ourselves into thinking that the busier we are, the more productive we are, and the more money we make. That's not always true though. If you do everything yourself, everything related to your business, you need to ask yourself, "Are you just working for your business or are you in it to make the business better?". One thing you need to understand, business itself is a teamwork. If you want your business to grow, you need three types of people in your business: visionaries, specialists and managers. An entrepreneur tends to be visionary and focuses on producing bright ideas to bring to the field. Meanwhile, a specialist acts as an executor, who takes the vision-mission and ideas of entrepreneurs to be realized into reality. Also, a manager is those who will come every day, control business operations, ensure marketing campaigns run according to targets, and those who maintain good relations with stakeholders. So, focus your busy life on more important and strategic things, because you also need space to think about the direction of the business and the company's vision for success.
Create a more effective marketing plan
Obviously you need a strategy to get out of an undeveloped business. Once you have a team, work with them to reach your target market, and trust them to make your vision a reality, it's easier to find effective marketing strategies. You can have a team of marketing coordinators who will handle project management, product launch, customer communications, and team management. They will also help you deal with problems that occur in the business. In addition, you should also apply a marketing strategy that involves empathy. When you really know your target audience, it's easier to anticipate problems or understand what your audience really needs to meet their expectations.
Build deeper relationships with consumers
Sales generate revenue so you should always put sales first at all times. But now that statement is not entirely true. Because, consumers today are very understanding with the promotion of a product. Now they prioritize the authenticity of a product or a product that can show its uniqueness. Use unique products that your customers love to create marketing strategies. Don't just follow trends. You still have to adapt it to the personality of your product and your customers. Promote through social media content that not only leads your audience to a sale, but also makes them feel a deeper connection with your product. When a brand succeeds in becoming part of the identity of its customers, they will also not hesitate to recommend your product. Those were some tips that can be applied when your business development gets stuck in the middle of the road. A hampered business can occur because of the absence of innovation because after all, the business must always be able to adapt.
This includes your courage as a business owner to open a new branch, add new employees and inventory, or increase your business capital. Because to grow, a business also requires new venture capital which you can easily get here! Come on, always do our best for better business development.