You work hard on and in your business every single day. As the owner, you have to – if you don’t, who will? When business is booming, you’re on top of the world and feel like you can conquer anything. When it’s not, it can feel like a punch straight to the gut. Everyone has a bad day, a bad week, or even a bad month, but if your business slump is dragging on and on, it might be time to take a hard look at some of your business processes. Let’s take a peek at three common culprits when your business is underperforming.
You Don’t Have a Good Grasp on What’s Going On
Before you can even begin to determine where the problem lies, you have to have a firm handle on what’s going on with your numbers. This goes well beyond just knowing what you’re spending and what you’re earning. While profit and loss metrics are important, they’re probably the reason you know something is wrong in the first place – your expenses are piling up, your sales are stagnant or backsliding, and your bank account isn’t looking too good. Getting to the heart of why these things are happening means looking at more and better metrics. Take a look at your marketing stats, for example. Is that fancy Facebook ad campaign really yielding results? Are customers abandoning their online shopping carts at an alarming rate? Is your website too frustratingly slow for anyone to conduct business? Knowing these things and more lets you know where you should focus your time and money to turn things around most quickly.
What Are You Even Spending Your Money On?
Speaking of money, do you know where you’re spending it? Do you have a budget to guide those decisions or are you at the mercy of impulse buys and back-of-the-napkin math? Unfortunately, the business model of many of the vendors you use counts on you paying and paying, year after year, without noticing or caring that your rates keep increasing. We hate to say it, but the credit card processing industry is one of the biggest offenders here. So many of our competitors pad their bottom lines with junk fees, raise rates again and again, and generally try to milk every cent they can out of their customers. While we don’t do any of that at 360 Payments, if you’re not working with us you may want to take a look at some of your recent statements – you might be surprised by what you find. There are plenty of other vendors who operate this way as well. Be on the lookout for where you can trim expenses in your budget!
Your Customers Are Out There – Are You?
There are customers out there who want your product – you know this or you wouldn’t have been in business for as long as you have. If you’re struggling to bring them in the door, it’s time to consider what might have changed. Even if you’re providing an identical product to the one you provided a few years ago, attitudes and needs in your market may have shifted. Maybe what you’re selling isn’t quite right anymore and you need to make an adjustment. Maybe your product is still a perfect fit, but the way your marketing team is talking about it and selling it isn’t what people want to hear. The only way to find out is through carefully listening to and understanding your customer base, then adjusting course based on what you learned.
Find Partners You Can Trust
As a special bonus piece of advice, we humbly submit that you surround yourself with partners who care about your business as much as you do. Think those don’t exist? Think again. At 360 Payments, we pride ourselves on being true partners to our customers, not just another vendor. If this sounds too good to be true, we’d love to show you why it’s not. Give us a call at 1-855-360-0360 or drop us a line on our website.
PS – Here are some of those key metrics you need to know to keep your business humming.
PPS – How’s your social media strategy looking? Check out our tip here.