Running a business is always risky. Fortunately, when things get difficult, it’s possible to turn things around. Try the following five steps to get your business back on track.
1. Identify Priorities
Identify what tasks are important to the success of your business and make those your main focus into the year ahead. Save less critical decisions for later. Each priority should correspond to this rebuilding phase and be solely focused on getting the business back on track as you traverse the “new normal” way of operating your business. This step should occur immediately.
2. Assess Your Finances
Take an in-depth look into your finances. Since March 2020, it’s likely you’ve become more in tune with your finances. However for this step, look at what you will need to get financially back on track, not just keep the lights on. In example, adding new profit centers and aligning with strategic partners are both approaches that will enhance your brand and increase monthly revenues.
3. Trim the Fat
In the fitness industry it’s easy to fall prey to the “shiny object” vortex. If you leased or bought unnecessary or expensive equipment, sell it or trade it in. And while you’re trimming the fat, it’s time to do a deep dive on payroll and decide who’s contributing to the company and who can be let go as you rebuild. In this step, set time aside to ensure each team member’s role is clearly defined and contributing to the company at this crucial time.
4. Research Opportunities for Growth
What areas can your company grow into, keeping the newly defined priorities in mind? What knowledge can you gain from industry leaders who have grown and evolved throughout the challenges that developed in 2020? Find out how and what they did to stay open and evolve. Conversely, learn from those less fortunate to avoid their fate. Growth of the company in this case, means evolving into uncharted territory to ensure your business can withstand future government mandates to be deemed an essential business for the community you serve.
5. Develop a New Marketing Strategy
If you had trouble bringing in new clients before, as many businesses do, put some time and effort into a new marketing strategy. The community you were marketing to in early 2020 has dramatically changed. They have a much broader understanding and appreciation for health and wellness. Learn how to speak to your new customer by assessing your potential audience and make adjustments as necessary. Speak the right language to engage this different customer.
Finally, and this isn’t one of the five steps, but a reminder; remain optimistic. Running a business will always be challenging. It’s important you have the right attitude to move forward.
