Featuring Strategies from Darlene Ziebell, Business Growth Expert
Turning Around Struggling Businesses: Strategies for Survival and Success
In the ever-changing landscape of entrepreneurship, falling into hardship is a reality that many businesses face. Business strategist and consultant Darlene Ziebell delves into the tactical maneuvers that can rescue struggling businesses from the brink of collapse.
Recognizing the Signs and Making Tough Decisions
When to Hold and When to Fold
Sinking further investments into a failing venture can be an entrepreneur’s downfall; this is where business sophistication comes into play. It’s essential to recognize when a product, such as the once-popular Beanie Babies, or your endeavor reaches its market peak and requires a timely exit strategy.
Cost-Cutting with Precision
For struggling businesses, every dime counts. Ziebell urges business owners to halt any spending on initiatives that do not directly contribute to sales. Instead of scattering resources thinly across various marketing fronts, like ineffective social media campaigns, it’s more prudent to direct funds towards what’s profitable.
Assessing and Communicating
The Foundation of Financial Literacy
Understanding the numbers underlying your business stands as the bedrock of any turnaround strategy. Leaders need to continuously assess revenue-generating activities, even if it means making personal sacrifices or hard choices, such as slimming down a menu due to fatigue.
Staying Competitive in Challenging Industries
Continuous Market Vigilance
In industries like paper products and personal care where costs fluctuate and consumer acceptance of higher prices is uncertain, staying abreast of market dynamics becomes a survival skill. Constantly evaluating competitive landscapes helps a business stay relevant and adaptive to changing trends—a necessity underscored in the case of an unnamed company that previously soared high but faltered when trends shifted.
Building Growth Strategies
The Importance of Expertise
Small business owners shouldn’t shy away from experts; human resources, legal, and financial consultants can contribute significantly to stability and growth.
Leveraging Customer Insights and Feedback
Ineffective marketing not only drains precious resources but also fails to resonate with the target audience. Ziebell advises against solely relying on local representatives for marketing and underscores the benefits of seeking specialized third-party assistance for focused business expansion.
The Female Entrepreneurial Experience
Breaking the Mold
As a strategist assisting various entrepreneurs, Ziebell stresses the unique challenges faced by female business owners. The key is learning to say ‘no’ when necessary, especially when sidetracked by non-sales-generating commitments. Overextending is a common pitfall, with many women taking on more than they should, often out of reluctance to admit when they’re out of their depth.
Cultivating Sustainability Through Strategic Alliances
The Power of Cooperation
Strategic alliances and partnerships, even with competitors, can be the change agents for struggling businesses. When traditional avenues are exhausted, collaboration may pave the way for shared sustainability and success.
The Final Word
Turning struggling businesses around is no easy feat. It requires a granular understanding of financials, a willingness to make hard decisions, and the strategic acumen to redirect efforts where they count most. Darlene Ziebell’s vast experience offers a beacon of hope and a roadmap for businesses navigating through rough seas.
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Recorded in Studio C at 511 Studios. A production of Circle270Media Podcast Consultants.
Copyright 2024 Carol Ventresca and Brett Johnson
