Is Your Beauty Business Stagnant? How To Take It To The Next Level
Are you a beauty business owner who feels as though their beauty business is stagnant? Do you feel like you’ve reached a plateau and you don’t know how to bounce back from it? The truth is many business owners start their business without taking other variables into account, i.e. it might be that your business has grown to its limit, which is a good sign as it means you’re doing well, and it also means you’re obligations have grown with and perhaps you can’t keep up; so you might want to seek help through expansion or even getting a little assisted help. It’s undeniable that most businesses fail within the first year, and if you haven’t, congratulations keep on going, and if you have, it’s not too late to start again, so therefore; it’s key to really plan your year properly, and even the next quarters to come. If you’d like to have a discussion about your business with a consultant here at DiademBC, Contact Us today for a FREE consultation and we help you smooth the bumps you’re facing through open and honest communication.
I’ve summarised the most important points to consider when addressing the issues business face and why they become stagnant. There are, of course, other variables but these seem to be the common thread that runs through them all.
1) You’re trying to be a superhero all on your own
As a business owner it’s easy to be protective over your new project, but this will eventually burn you out and the most important aspects of the business that you should be focusing on will suffer as a result. As a new business owner, you should focus on your tasks and not put your hands into many pies, i.e. you cannot run your social media accounts if your main task it to keep the business afloat. Be sure to delegate tasks how you want them, but trust those around you to fulfil the requirements of the job you employed them to do, if they’re not to your standard you can hold training sessions to help your team. It takes a village to build something from the ground up, so it’s integral to understand that you’re not on your own and you have trusted people around you who are willing to help you along the way. Moral of the story: focus on making business decisions and manage your employees, leave tasks to those who are hired to do the job to avoid burn out.
2) Your focus has been on scaling up the business
There is nothing wrong with thinking about scaling up your business - if you’re interested, we have a scale up programme that is designed to support you, click here for more information – however, if you focus on expansion way too soon you might sacrifice your productivity and quality of your products. At this stage it’s important to review your resources, materials and budget so that you don’t spread yourself too thin. You need to be realistic. We understand that a time will come when your products will be in demand that naturally pulls you into the direction of expansion, but this is where you need to be careful as this could either make your or break you. You can go from having the most fantastic products that everyone loves to suddenly it losing its quality and you lose costumer value, ask yourself first and the team/investors around you if this is a high-risk route to down first.
3) You’re not using social media or tech technology properly
We all know how important social media is: read our previous article where we discuss the tips you can implement from today to grow your business profile, or you can have a look at our social media growth programmes that we offer to help you grow an online presence.
Have you focused on your website development? A good website allows companies to reach out and market themselves to an international audience, while the right custom software helps them significantly improve their efficiency, cut down on costs
4) You’re not engaging your costumers enough
This encompasses: good customer service, asking for feedback, consistent social media interaction, rewarding loyalty and inspiring trust. Are you doing any of this? If you want to learn more about what the customers want, then go and ask them. Granted it takes a bit of work, but developing a great relationship with the customers and building a loyal following has many benefits. Be consistent with your audience/following an don’t make them feel neglected. You can start by having consistent email marketing, newsletters, holding competitions, donating to charities that uphold you and your followers’ values, i.e. if you’re a clean beauty brand donate to a charity that supports clean indie brands, this is just an example. Create that truth and feeling of community.
5) You haven’t set yourself apart from your competitors
A business can do quite well, and stay afloat for years making a modest profit even if it doesn’t have any special features that make them particularly unique or appealing. However, you never want to get into the “let’s just get by” mindset, as it will all but ensure that your business never grows past those initial stages. Unless you are dealing with a very limited niche market, you will have to deal with a relatively saturated market, so any defining feature that helps you stand out and makes people remember you is going to be a key component in sparking growth.
6) Not managing your workload effectively
A lot of people believe that once their business starts growing things will magically fall into place and that they will be able to sit back. It’s easy to underestimate the level of work that goes into it, and face the sobering truth – you are not prepared to take on the extra workload. This is where things can really fall apart, forcing businesses to work hard just to stay afloat, let alone turn a profit.Even if you make the first big steps and start growing your business, you can still hit a wall if you haven’t planed things out right. Be realistic about how much a project will cost and how much time and effort it will take to see it through. If you are overconfident and don’t anticipate little setbacks and hidden costs, you may very well cut yourself short and keep stagnating.
Interested in reading more? Read our latest blog here on traditional business methods that no longer work.