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Turnaround: How To Bounce Back After A Business Reversal

The BIG question we sometimes find ourselves asking is, “How do I  bounce back from this business reversal?” We all find ourselves in this situation at one time or another. It’s something we prefer not to think about, but it eventually impacts all of us.

 

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Some reasons for a business reversal are:

  1. A change in a client’s management team.
  2. Acquisition of a client by a competitor.
  3. A client relocates to a distant location.
  4. You loose a key client.

How did you get there?

One way to manage a successful turnaround is to know how and why you got there in the first place. Once you pinpoint the cause of the reversal, you should be able to find a solution that will help you rectify the current challenge and avoid the same problem in the future:

  1. Have you been too busy for new business development?
  2. Do you you need a new list of prospects?
  3. Are your clients demanding related services that you don’t offer?
  4. Have you fallen behind in the tech requirements of your industry?

Some strategies for bouncing back after business reversal:

  1. Call old clients.
  2. Upgrade your skills.
  3. Call on new clients that can utilize your current skills.
  4. Consistently devote 20-25% of your time to new business development.

One key to bouncing back: market research.

Once you’ve experienced a business reversal, the last thing you want to do is continuing to do more of the same things. Remember: the definition of insanity is doing the same things over and over, and expecting different results. As such, it may be imperative that you change course. But how do you know which course to take? You can start by doing marketing research, and possibly working with a business coach or new business marketing team.

Apply the Vector Principal.

The Vector Principal states that if you offer new services to a new group of prospective clients, you’ll encounter all the problems associated with starting a new business. The only way you can avoid these sorts of start-up problems is by growing your business through either of the following strategies:

  1. Expanding the services you offer to your existing client base.
  2. Expanding your client base through the services you currently offer.

The bottom line:

The way to bounce back is to manage change as you would anything else in your life: no more of the same old status quo. Frankly, that’s what put you in a turnaround situation in the first place. Here are some ways to help you get going:

  1. Take some time to contemplate or meditate on your situation and its solution.
  2. Make a list of 20 different ways to correct your situation. (Don’t stop at 2, 3, or 4, ideas! Keep going until you have 20 ideas.)
  3. Trust your intuition when it comes to choosing the right strategy.

If you have questions about any of the above, you can ask me. I’m always willing to help.

If you enjoyed this article, you may also want to check out these others:

How To Get The Business You Want
Email Marketing Trends for 2014
Five Marketing Questions You Need To Ask Yourself
Ideas for Growing Your Business Through Instagram
Combining Blogging and Social Media into a Truly Effective Strategy
5 Ways You Can Benefit By Using LinkedIn
How To Amp Up Your Visibility With Facebook

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Please comment. We’d like to know if you found this article informative or helpful?

2 Comments:


  • By Phil Wilson 16 Jan 2014

    I’m an illustrator who does a lot of children’s books and magazine work, for companies like Disney, Golden Books, as well as advertising illustration and dinosaur illustration for science books and journals. After an unusually slow summer period, I got on Linkedin and proceeded to request ‘contacts’ such as art directors at publishing companies, independent authors, Disney directors, museum curators and paleontologists, etc. I had an almost immediate response after just ‘connecting’ with a few, and my list of contacts now totals over 300. I’m now ‘booked’ ahead for the first half of this year! All because I took the time to go on Linkedin and ‘throw some lines out there’! It’s well worth the time of anyone wishing to find new clients, and it’s also great for just getting your name and working style out in front of people who can possibly bring you work. Go for it!!,…it makes a difference!

  • By Phil Wilson 17 Jan 2014

    I simply got on my Linkedin page, clicked on ‘Network’ at the top of the site, and then clicked on ‘Add Connections’ on the drop menu, and scrolled through all the contacts, clicking on the ones that pertained to what I do! Every time a contact would accept my invitation, another entire group of contact possibilities would scroll and over time, I’ve had more than 300 new contacts, the majority of whom not only accept, but email messages back complimenting my work and saying that they’ll absolutely keep me in mind for future work, and a good number of them already have commissioned me on projects. I only sent a short emailed bio to each contact AFTER they accepted my connection request, and then thanked them for accepting and it was just that simple!! I posted on my Linkedin timeline only. That seemed to work for me,…I recommend it to everybody!

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