How to make your business successful again

By Cutter Slagle

Is your business currently struggling to stay afloat? It’s true, in today’s economy, your once successful company may have fallen on some hard times — but know this: You can get past them!

It doesn’t matter why type of industry you’re in or what product you have to offer, turning a profit can be difficult. After all, it can be next to impossible to predict what the public wants and when they are going to want it.

RELATED TOPIC: How to choose a location for your business

But whatever you do, don’t lose faith. With a tight business plan and lots of hard work, you can make your business successful again!  

For example, take Mohamad Faki. Faki immigrated to Mississauga, Canada, where he purchased a struggling Lebanese restaurant. Knowing that there are “no shortcuts to success,” Fakih worked hard to turn his business investment into a successful 20-outlet chain restaurant.

Today, Paramount Fine Foods is the fastest growing Middle Eastern restaurant chain in North America. Fakih used the following tips to accomplish this goal, ultimately turning a struggling business into a successful one.

Plenty of American companies have done the same thing, turning a struggling business into a successful one. Avon Products Inc., Bank of America and Timberland are just a handful of companies that have been able to put hard times behind them.

Originally reported by our sister brand Business Review Canada, the following tips can help you do the same!

RELATED TOPIC: 4 lessons learned from American Apparel’s filing for bankruptcy

Be consistent

 Again, it doesn’t matter what industry you’re in or what type of product your business has to offer, you need to be consistent. You need to make sure that you always offer the highest amount of quality available.

Once you’ve found your rhythm, a plan that allows you to be your best and offer your best, stick with it. If your model works, be consisten with it; don’t change it. After all, why would you want to fix something that isn’t broken?

Hire a good team

We’ve said it before; we’ll say it again: You can’t run a successful business all on your own. You need to find a team of people that believe in your company and want to help it grown. In a sense, your team can make or break you.

Make sure that you careful select your employees. After all, the people you choose to work for you are a direct reflection of you and your business. What kind of message do you want to send?

Properly train your employees

Once you find the right team, employees that share your goals and passion, you will need to ensure that they are properly trained. Yes, train, train and train some more — there is no such thing as being over trained.

As the leader of the group, your employees need to know what is expected out of them and how to properly accomplish a task. In order to help turn a failing business into a successful one, everyone must be on the same page and have the same understanding of procedures.

Remember that you can have a successful business. Of course, it won’t come easy, but nothing worth having rarely does.

If your business is struggling, then don’t be afraid to get creative. Come up with different ideas to get through this difficult time. Try a few of these methods out to see what does (and doesn’t work) for your specific company.

With the right business plan and the right team, your hard work will eventually pay off!

RELATED TOPIC: Learn how to start your own business with these 4 tips

Source: The Globe and Mail

Let's connect!   

Click here to read the October 2015 edition of Business Review USA!

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI