Achi news desk-
Sometimes, the road ahead can seem to have so many obstacles and the air is heavy with fog that it is difficult to find a path.
If you feel like closure is your only option, I’m writing this for you. This is an update to something I shared before. I’m sharing this today because a doubter asked me to remind people here.
If you feel that closing your news agency is the option, get a second opinion. I and many others in our channel will do this, based on your business data: sales data, P&L and more.
Usually, the evidence of the data is an opportunity. The challenge is that opportunities often cannot be seen because of the noise of the obstacles and the fog.
My hope is that your evidence has enough opportunity to find a way forward for the business, and for you.
Refers state from Closing is my only option Can only be created by one or a combination of:
- Attract new buyers
- Get existing buyers to purchase more
- Earn more than a share of what you sell
- Cost Reduction
It’s pretty simple when you read the list. The hard part is the action, where retailers can get stuck. That is, it is difficult to attract new buyers, especially in small businesses where the levers we can pull are limited.
The best way to Attract new buyers It is to introduce new product categories and offer them outside the business.
I understand that it can be challenging to find the energy and money to make things work with new products. If the survival of your business is important, you will find a way.
The best way to Get existing buyers to spend more It is through a smart loyalty mechanic and a store that people enjoy.
The best way to Earn more than you sell This is by charging more or buying better, or both. don’t go crazy A modest increase in GP% can do wonders.
While you are doing these things you also need to work on them Cost Reduction. This is a common approach to saving a business. While this can help, rarely in my experience have I seen cost reduction alone be enough to save a business. Sure, it can be in the mix, but it alone is not enough.
The key to making every turn successful is to start on the road early, before fog and debris block the past. For all of us business owners it is important to look well ahead, beyond the horizon, to cultivate assets that we can deploy when we think change may be necessary.
If you think closing your news agency is the only option, get in touch. There are plenty of us on the news channel who will listen and offer advice if you want.
you are not alone.
Mark Fletcher
[email protected] [email protected]
https://www.linkedin.com/in/mark-fletcher-tower/
