If you are a business owner you know it can be one of the most rewarding experiences in your life. You had an idea and you ran with it, and the results were you got the opportunity to start your own business. However, it is not always easy times when you have your own company to maintain. Many businesses go through rough times and in turn, their business suffers. There is a lot of responsibility in taking care of your business and all the employees who work there. You never want to short anyone or go bankrupt, so here are some tips on how to holding on even if your business suffering.
It is without question that labor is where most of the money goes with your company. A great way to hold on when you are not doing so well is by cutting labor. Start having only 2 people work instead of 4. You will save at least 50 percent on your labor every single day.
If you do not have as much business you are not going to need as much staffing. Your employees might not be thrilled at the idea of having their hours cut, but they will surely still be grateful to have a job.
When your business starts going bad the best way to counteract that is to get more sales. Find some cheap forms of advertising such as:
Sales and promotions
If you do any of the above three things you are going to make customers more aware of your business. It is difficult to make sales if people do not know who you are or what you sell. The more people you reach out to the better chance you have of getting out of your current rut.
Also, you are going to want to make sure that your advertisement efforts do not go without attention. To do that, you will need to have the most eye-catching creative flyers, business cards, and social media pages.
Change Your Hours
Changing your hours when your business is not doing well can help you in two different ways.
First of all, if you are going through a trend where business is slow during the summer months to make your hours shorter to save time, bills, and overall funds. Instead of having it open from 10am-10pm make it noon to 8, this will cut 4 hours right off the top.
On the other hand, if you notice people showing up after you close adjust your hours to fit accordingly. An example of this would be if you had the same setup from 10 am to 10 pm and notice people coming in late, keep your store open from 11 am to 11 pm so you can get those extra customers.
With all of the previously mentioned tips in mind, you should have no trouble making sure that you are getting a better grasp on your company that was once falling apart.