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Business in decline or slow growth? What strategies you can employ

We asked 30 successful business entrepreneurs (who generate between 1 to 30 Million USD annual turnover) what particular business turnaround strategies worked when times were tough. They came up with remarkably simple solutions to change their marketing, embark on business remodeling, employ new financial strategies, develop more self-leadership and other specific actions listed below:

MARKETING STRATEGIES:
We set out and created a pipeline of leads
We developed new networks
We started marketing continuously
I engaged in growing our industry as a whole
I contacted friends (competitors) in certain areas and collaborated
We found out where most of the work and customers were and focussed in those areas
We offered free trial week's, talks or products
We increased our impact by changing the way we marketed our business
We focused on how we could get free publicity to become more known
Traded on word of mouth and seeked recommendations

REMODEL THE BUSINESS PLAN:
Figured out a new business plan
Gained clarity on the true purpose of my business
Stepped into a new industry
Diversified my product
Moved away from the industry
Created new ways of doing business
Got a partner
Dissolved my board
Invited people from outside in
Got a new director to set everything right internally
Allowed new people to take over
Established new partnerships

FINANCIAL STRATEGIES:
Did whatever I could to keep my business running and cut costs
Learned to be efficient and focus on fewer products that were high profit/high demand
Built up enough capital to ride the storm
Didn’t borrow money unduly
Accessed grants
Focused on global distribution
Developed more income streams

SELF LEADERSHIP STRATEGIES:
I changed what I spent time on - business and personal priorities
Found ways to take care of my own basic needs
Got professional counselling
Invested in myself and took more risk to grow the work
Employed an external coach
I generated a groundswell of support
Used TEDx talks to inspire me
I got more realistic but not pessimistic
I asked for feedback from different sources
I recognised this cycle and told myself we won’t stay down
I didn’t give up early and remained realistic
I had confidence in my business

ACTION ORIENTATED STRATEGIES:
We uncovered the reason for the decline and took appropriate action
Acted really quickly and didn’t go into denial
I formed a team to develop strategies
I shared my dream and involved my team
Set targets and monitored them
We changed our focus to more long-term revenue and opportunities
Focussed on greater customer service and worked through the night to help clients
Kept communicating with clients and that led to further business
We restructured the business and reached better agreements with suppliers and partners

Source: WeSoar a transformative, longitudinal research study conducted by Synquity in partnership with Trompernaars Hamden-Turner (Prof. Fons Trompenaars) and UnitedSucces (Corinne Heijn).
Synquity PO Box 25 Warmond, Zuid Holland 2360 AA Netherlands
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