Orange County marketing companies have had a rise in small business inquiries about services such as promotion and online advertising. This is not completely out of the blue; we have been experiencing more and more consults since the health crisis started and, as it keeps developing, we can’t just freeze our lives and jobs in time and expect to resume once the crisis is over. We all need to keep on living – and that requires income.
As time passes, we hear of more and more small businesses closing their doors for good, and if you happen to be in that situation, don’t give up on your business just yet! Keep reading – who knows, maybe there is something here that you haven’t done.
One of the first things that we need to understand and define before we even begin to analyze a company’s environment is the actual challenge. It is not about customers or sales; you will need to find out the real problem within the current situation. Why are you not getting enough clients? Why are you not reaching your sales goals? There is usually something distinct behind every apparent problem.
Right now, it is very clear that a lot of small businesses and companies are having issues with the current health crisis, and at this point, it is either “adapt or die” for most of them.
The next step after defining the underlying problem within a business is to perform an external and an internal audit, by focusing on the main problem and keeping the general goals in mind at all times.
The external audit includes the customers, the brand, the demand, the competitors, and the overall environment that could affect the company. The internal audit includes the image of the company, product evaluation, volume and sales value, and the profit-earning capacity of the company.
Having analyzed both the internal and the external forces that play a part in the outcome of the business performance, then it is time to make a diagnosis and consider a few options to begin planning new strategies.
All the options should follow a particular market segment, a particular position, and a strategic alignment.
But following a plan is not going to necessarily transform a dying company into a thriving one. For starters, you really need to think outside of the box. Sometimes we are so used to the way we do business, that it is very hard to see different options. To avoid this, you can bring in someone from the outside and share information about the current situation of the company, get them involved with the analysis, and listen to new ideas and ways of doing business to align with what you already have.
This can only be achieved through fresh eyes and new blood, and it is an exercise of adaptation and survival, but it is also a way to keep your business up and running. Who knows, you may even end up expanding your company, instead of just keeping your proverbial head above water.
If, after an exhaustive analysis, you decide that the company is beyond help, and you reach out to specialist from Orange County marketing companies and they come to the same conclusion as you, then it might be time for you to move on and either develop a new business model or sell your company to someone instead of bleeding cash. This is a decision to be made only after careful consultation and consideration of all your options.