| 11.5°C Dublin

Four way to rebuild your established business

Close

How to rebuild your established business

How to rebuild your established business

Getty Images/iStockphoto

How to rebuild your established business

Does your business need a boost? Has it become static?

If your company has been established for some time but now needs to enhance profile and increase sales you’ll need to ask these key questions:

- What product or service are your customers buying from you and what do they value the most?

- How can you make your offering more useful and valuable to your customers?

- What would encourage them to buy more and how do you reach an additional customer base?

Here are four ways to move forward right now and rebuild your established business:

1. Commission an honest review  

What are your current strengths and weaknesses?  Do an honest, detailed review to get to the core of all your business activities.  In addition to the expertise inside your company an outside facilitator could be essential to this process to ensure that you are really getting behind why your business needs a boost at this particular time.  Are all your core activities still true to the values that you originally held when originally setting up?  Is there still a niche for your product or service and are you differentiating efficiently?  Is your product or service the best it can be in terms of quality?  Are you maximising all routes to market?  Is your pricing correct?  Do you have effective relationships with partners, customers and suppliers or can you do more? 

2. Research and evaluate

The second step towards rebuilding your established business is to find out exactly how your product or service is perceived in the marketplace.  Do not merely rely on your own opinion and that of your staff.  Think about working with a mentor on this.  Use all the analytics software that is available.  Commission some research and really find out what people are saying about you and your brand.  Are they satisfied?  Are they even aware of you?  How can you improve?  Do you need to innovate?  Look at pricing and all the elements of your marketing mix.  Go deep in to the financial trends and figures.  When you have digested the research and spent time evaluating it with the experts, then you can then set a strategy in place to rebuild your established business. 

3. Put the Spotlight On Your Marketing Mix

Following the review and research, it is then time to re-examine all the elements of the marketing mix.  Put the spotlight on your marketing plan, rethink and rework the strengths, weaknesses, opportunities and threats to your business.  Is your target market still the same as when you set out in business originally?  Are you strong on product development or do you need to be?  Is your branding and brand behaviour effective or does it need a rethink?  Examine your pricing.  Is it still relevant today?  Is your marketing management team performing effectively? Are you up to date with all training and recruitment?  Is your distribution and / or export strategy effective?  If you are selling online are your systems and data safe?

4. Make Changes Based On Feedback

When the review process has been completed, the research done and the marketing mix examined, your company healthcheck is now complete.  Then is is time to act on re-energising your business.  Write down a rejuvenated business plan with help from the experts and then set about putting the resources in place to act on every element of this.  Put timelines in place and set realistic goals.  Business practice is continuing to be transformed through social media and technology and it is essential that you are using every relevant tool available for high impact marketing.  Rework all your business presentations; ensure that selling skills are sharpened throughout the company; set about looking at and emulating best practice in your industry and monitor trends in the local and global landscape.

One of the most important ways of rebuilding an established business is to motivate your staff so that everybody is working together to common and stated goals.  Take these four steps and boost your business today.

Eleanor Collier is an experienced, award-winning Marketing Director who has advised and worked with brands across Ireland, the UK and the USA. She is founder and director of Eleanor Collier and Associates.

Bank of Ireland Sponsor for a Day entry form

 

Close

Online Editors