Turning around your fortunes as a failing business isn't always easy or guaranteed to be successful. In the UK, 345,000 businesses stopped trading in 2022, and UKMoney.net suggests that the business failure rate is 30% by the end of the second year of trading.

But what are your options for pivoting and attempting to restart everything you've worked so hard for? Remember, pivoting can be a powerful tool for success, offering a fresh start and new opportunities.

Go Back

You need to revisit your original strategy and reexamine your goals from the beginning. What did you want to achieve, how did you think you were going to achieve it, and what focus did you have? The foundations of a business are crucial, and if your business is on unstable ground, you need to revisit the basics to rebuild its foundation. You need to understand your vision and what this entails so you can make the right decisions now. What is the mission's primary purpose? Once you get back to basics, you can start to rebuild from the ground up.

Refine Your Strategy

If your current strategy isn't yielding the desired results, it's time to explore new avenues and angles. For instance, you could consider diversifying your product line, targeting a new customer segment, or adopting a different marketing approach. In some cases, you don't need to make a massive change; just small tweaks can help you get back on track and turn things around. However, refining your strategy by looking for opportunities to move into that can help you out can be an effective way to move forward. Companies like DIGITAL SCIENTISTS® can help you uncover your potential and facilitate growth, enabling you to explore new opportunities with renewed vigour.

Perform a SWOT Analysis

A SWOT analysis is something that all business owners should consider regularly. But if you're not assessing your potential as a struggling entity, it's even more vital than ever that you implement and execute a SWOT analysis.

You need to understand each point and recognise your current position, as well as what you can change. Your strengths, weaknesses, opportunities, and threats are controlling the outcome of each action and each decision you make. Understanding this in more detail can be a start to moving in the right direction.

Implement AI

Artificial intelligence (AI) can be a game-changer for struggling businesses. It can be utilised for various tasks across various businesses, and the specific application will depend on the business's needs and the desired outcomes. You can use AI to implement automation, saving you time and money and improving results and standards. You can use AI for marketing purposes to cut costs and help you to work smarter, not harder, explore opportunities and capabilities, and give you support as you navigate tricky waters within the business. The benefits of AI are numerous, and its implementation can significantly improve your business's performance and resilience.

Learn and Adapt

As challenging as it may be, it's essential to acknowledge your shortcomings and failures and the factors that led you to this point. These are not just mistakes but valuable lessons that can empower you to make the right choices moving forward.

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