How to Find Business Breakthroughs When Numbers Are Falling

If you’re a business owner, particularly the owner of a small business, seeing a decline in sales can be depressing. It takes a lot of effort to set up and run a business, but of course, success is not guaranteed. In many cases, bankruptcy can be a real possibility. 

However, businesses are realizing that this doesn’t mean the end. Data shows that the number of companies that wanted to continue operations was double that of those that wanted to sell assets at shutdown during bankruptcy. In other words, of the 495 companies that filed, 436 sought to reorganize and try to survive. 

So, a drop in your sales numbers isn’t cause to panic, yet. Sometimes, it can give you the impetus you need to make drastic changes. In this article, let’s look at a few ways you can find the breakthrough you really need when business looks bleak. 

Make Clarity Your Biggest Objective

This may or may not be true for your business, but often, when a business is failing, there’s a lot of internal confusion and ambiguity. Maybe records weren’t updated with the vigor they needed to be, or your internal workings are clogged with inefficiencies. Regardless of what it is, the default remedy tends to be cost-cutting. 

However, a better strategy is to conduct a comprehensive audit of your entire operation. You may discover that a really bad deal with one client is a big factor in putting you in the red. 

Today, there is evidence that firms with a data analytics strategy are able to benefit from a 25.9% reduction in inefficient investments. This is in addition to improving internal information quality by being able to locate resources more efficiently. So, first, ensure you understand why things are going wrong before trying to fix your numbers.

Don’t Be Afraid to Borrow

We get it, when it looks like your business is tanking, borrowing money feels like the worst possible advice. Borrowing is a good strategy, but it requires the previous step mentioned above to have been completed. You need to have audited your operations and found out what the root cause of your trouble is. 

Maybe it’s something new equipment can sort out, maybe it’s something more complicated, just make sure you know what you’re borrowing for. If you’re still afraid, remember that there are different fast business finance options that aren’t traditional term loans. 

It’s possible that assistance in the form of a business line of credit is all that you need to get back on your feet. As Fast Business Financial explains, this is a funding model where a borrowing limit is approved, say $250,000. You can then borrow any amount, whether that be $500 or $249,000, and only pay interest on the amount borrowed. 

So, if you’re afraid of debt traps, remember that flexible and business-friendly options exist. 

Give Radical Marketing Options a Try

Perhaps you’ve been playing things too safe with marketing. While that approach might have worked till now, if you’re at a crisis point, it may be time to start thinking radically. 

Many companies throughout history have been on the brink, only for an innovative marketing tactic to turn things around for them. For instance, Lego was almost shutting down in the early 2000s. Kids, their primary audience base, were no longer interested in building blocks. 

However, they managed to make a massive comeback by making the radical decision to market toys to adults. Today, Lego is thriving, and its founder's family is worth billions. There are so many interesting ways to get attention, especially in the internet influencer age. 

You can deliberately choose to become part of a controversy or a counter-narrative, which is more effective than you’d imagine. Likewise, you could even focus on your struggles as a marketing plan. 

Just look at the UK and how underdog brands like Greggs, with a value of less than £900, are able to dominate brand strength rankings. In fact, it now has the second-strongest AAA rating according to Brand Finance.  

People love supporting an underdog, and it can get your audience to be part of your comeback story. 

Ultimately, it’s natural to be worried about falling numbers. The last thing you want is to see the empire you built crumbling. You may be getting a lot of advice to sell and cut your losses, but giving up on your business is hard. 

If there’s even a small chance that you can make things worthwhile, give it a shot. It’s better than watching in regret as the company that bought you ought now to reopen your operation and thrive with just a few tweaks.