Even the biggest companies face declines and need sharp and innovative changes to continue their work. On of the best known business resurrections happen in Apple Inc. After the release of several highly unpopular personal computers and few expensive experiments with cameras, CD players, video consoles and eWold, company featured steep decline, which lasted from 1991 until 1997. From 1997, when Steve Jobs came back to Apple company started its way back to the top, for the second time in its history. In this article we will present you with some quick solutions you can implement, in order to bring your company back on track.
Analyze your previous work
Advanced analysis should determine key factors that caused your company to fall short and not reach goals you previously set. Maybe those goals were too ambitious in the first place, maybe you weren’t using good-quality tech equipment or maybe your employees weren’t motivated enough. Whatever reason there is, you will determine it with advanced analysis, and luckily, today we have plenty of business analytic software that can show us all important parameters of our company’s performance.
Set new goals
This step is very important for entrepreneurs whose goals weren’t realistic in the first place. Goals should be very specific, because close defined goals are much easier to achieve. There are several goal setting techniques entrepreneurs can use:
- Tie goals to company’s mission– many entrepreneurs use their company’s mission statement to define their goals. They tie each goal to mission statement’s key phrases and create very specific set of objectives.
- ACES goal setting technique– your goal setting can also go in an opposite way. Instead of focusing on positive things, think about characteristics of your company that you would like to change. This technique allows you to do that, by following three main parameters in goals setting: Archive (What should you attain in the future?), Conserve (What do you want to hang on to?), Eliminate (What should you get rid off?) and Steer clear of (What do you want to avoid?).
- Divide goals into categories– by choosing one major goal for each category you can build an elaborate goal’s list. Usual goal categories are: Daily work goals, problem solving goals, financial goals, innovation goals, etc.
Pick different strategy
Your business strategy is essential for reaching the goals you set. If previous strategy you implemented did not show expected results you definitely need to change it. Even the biggest companies change business strategies on regular bases. This happens as a consequence of constant market changes or changes in internal company structure. These are some of the changes you can implement for tailoring your new business strategy:
- Product changes– products can be upgraded or changed totally, depending on their popularity and revenue their are bringing;
- Marketing changes– if products or services company is selling, are not popular enough, despite their good value and benefits they are bringing, than changing marketing strategy is the most reasonable thing to do;
- Internal structure changes– If company’s team is not delivering adequate results, conducting internal job systematization and regrouping can fix certain problems and increase team’s performance;
Prices are one of the major parameters for sales performance. Most people know that high prices often discourage possible customers, but in some cases even prices that are too low can make customers to look elsewhere. If you are offering expensive products or complex services for unbelievably low prices, without any ‘Sales’ or ‘Discount’ sign , customers may view it as a scam or think that you don’t put too much effort into your work. That’s why prices need to be realistic and they should closely follow all market changes.
Outsource part of your work
Many businesses fail because of piled up expenses. Employee’s salaries are one of the major expenses, entrepreneurs are dealing with. Old-styled companies that employ large number of workers make much less profit and have less funds to invest in further development of their business. That’s why these companies need to start using services of freelance workers and outsourcing agencies and outsource parts of their business. This way they will spend much less money and have the ability to pick some of the top-niche experts.
We hope that Apple decline that happened in the nineties and its fast resurrection that made it one of the most profitable tech companies in the world showed you that business decline is not something we should be scared of. On the contrary when turbulent times come, we need to grab every opportunity and invest all of our time into figuring out the right solution, that will put our company back on track.