If you’re reading this article then you’re either worried your business isn’t going to be making enough money, or you’ve got to the scary stage where it actually isn’t making any money. Before you know it this can turn into a downhill spiral where profits drop and debt rises. A situation that you want to get out of asap. There are many reasons why a business might not make money. It could simply be that the market is doing rubbish, or it could be down to the way your business is run. If it is the latter, then we’re here to help you. Before you give up all hope there are things you can do to bring it back from the grave. Just have patience, and follow our advice, and you’ll be back on track in no time. If you’ve reached the point of desperation then read this article for more advice.
Lack Of Focus
If you’re barely putting in any effort, but are expecting the world in return, you’re never going to get anywhere. Your business needs you 24/7, especially if you’re going through a stage where you’re hardly making any money. The lack of focus is what is going to have got you to the position you’re in in the first place. We understand running a business is hard, and there’s plenty of things rushing through your mind all the time. But if you aren’t actioning these things, you’re likely to fall behind. Even if it means a few sleepless nights along the way, you should definitely be focus 100% of the time. It isn’t just your focus levels that could be disrupting the amount of money you make. Your employees can be just as much to blame as you. You’re most likely focused on all the bigger tasks such as bringing in new clients and managing the overall running of the business. They’re the ones making the products, or making the sales for you. Just like it is for you, it is easy for them to lose concentration when they’ve been doing the same job for a long while. This is where your management skills need to come in. Find ways to make the workplace more enjoyable and switch people between roles. You’ll often find that this boost in moral will also boost your finances.
Again, this bit is down to you. Part of the reason why your management isn’t the best could be due to your lack of focus. Or it could just be down to the fact you’re struggling to run a business more than you thought you would. All you need to do is refocus your efforts and you’ll be back on track. Let’s start with the way you manage processes within the business. It is easy to streamline some to benefit your business. For example, database developers for small businesses can create a place for you to store all the information in an organised manner than once might have been chaotic and all over the place. It is the not knowing where things are, or not safely storing information that can put a business behind. It is more professional to have a database built for you. The way in which you run your team can also be improved. Don’t take a back seat and let them figure out what to do during the day for themselves. Employees will be lazy at every point they possibly can. Make sure you’re dishing out tasks for the day and actively managing your team. If they need help, don’t be afraid to get your hands dirty to show them what to do.
Not Enough Exposure
This is most likely one of the main reasons why you’re not making money. If you aren’t getting the word out there about your business, then you’re not really going to make it very far. It is all well and good getting your business heard of through word of mouth. But there’s only so far this can spread. What you need to be doing is marketing. The more you market yourself, the more sales you’re going to make. Try using a range of the different tactics available and see what is does for your exposure. Networking yourself at trade shows and conferences is also so important. Meeting potential customer face to face is so much better than over the phone or an email. As you get bigger you could even host your own conferences or trading events. But this is only for when you know you’ve made it in the world of business.