When you’ve been in business a while, it’s sometimes easier to bury your head in the sand than to deal with the issues at hand. You’re not doing your business any favors, however. Look at these 6 scenarios, see what you can relate to, and take action to make positive changes for your company. These are 6 ways to fix what’s broken in your business.
1. You Have Staffing Issues
One situation is that you’re a solopreneur and need help, but you can’t quite afford to hire a full-time employee. In this case, consider hiring a freelancer (great for design or marketing help), an intern (though you’ll have to do some hand-holding), or a part-time employee to fill the need. Consider hiremymom.com, to find a great stay-at-home mom great to get back into the workforce.
If your problem is more with the staff you have (especially true for those of you who hire teenagers), it’s time to firm up your discipline. Create an employee handbook to ensure that everyone knows what’s expected of them. If they’re unwilling to follow the rules, tell them to hit the road.
2. Cash Flow is a Problem
If you are biting your nails until your clients pay you so you can pay your team or your vendors, you have a cash flow problem. Sometimes, clients pay late, but you need to make sure you have a contingency plan. Here are a few strategies.
First, you can enforce either a late fee or offer an early discount for your invoices. The idea is that those late paying clients will be motivated — either to save money by paying early or to pay on time to avoid a late payment fee. Another idea is to take out a line of credit so that you can access cash when you need it, then pay it back when you get paid.
3. You Don’t Have Time to Market Your Business
You’re too busy dealing with those staffing and cash flow issues to hop on social media and update your profiles or write any new blog content. With only a trickle of customers coming through your door, marketing should be a priority. Consider hiring a consultant or freelancer to take over some of your marketing efforts. You can pay a flat monthly rate or per article, and it may be more affordable than you’d imagine to hire a professional. The important thing is to get those customers coming back in, and then that expense won’t even matter.
4. You Haven’t Put Money Back into Your Business
As soon as you’ve paid everyone, you take out your cut. But your computer is on its last leg, you need to reorder inventory, and your business insurance is pats due. You feel like there’s just not enough money to go around. While paying yourself is critical, it’s just as important to reinvest in your business. Set aside a percentage of your profits — say, 20% — so that when you need to buy a computer or software, you’ve got the funds.
5. Your Yelp Reviews are Going Downhill
It started with a nasty review on Yelp months ago that you ignored, and now it’s snowballed. It seems like every other review is negative, and you don’t know what to do about it. It’s hurting your business. First, take action. Ignoring a bad review is like bleeding in shark-infested waters. Even if things aren’t so bad at your business, potential customers will move on after reading the negative review. But examine the complaints in those reviews. They might give you the opportunity to straighten up an attitudinal employee or polish your product.
6. You’re a Workaholic
If you’re working on the weekends, every weekend, please stop. I get it; sometimes you just need more time to get things done. But remember that you need downtime in the evenings and on weekends to recharge your battery. Otherwise you will burn out and eventually hate your business. If you must work after hours, set a timer so you don’t end up eating an entire day that you should have been spending with your family. Set rules for yourself so you don’t check your email when you should be doing something more relaxing.