In the small business and startup community, we encounter potential failure all the time. We just never know what the magic formula is going to be to keep our companies thriving. At times, we may experience downturn, and through the example of entrepreneur Marcus Lemonis’s revival of a failing burger business in Staten Island, we have put together a 3-step guide to small business CPR.
I might mention ground beef. You can ignore that, just focus on your own business as we walk through this together.
Make Your Leadership Foolproof
If there’s any stepping on toes, arguing, discontentment, what have you brewing among your higher-ups, you must solve this problem. Delegate responsibilities in a clear and organized fashion, based on what everyone is interested in contributing. Make some concessions and give your people what they want, if it will make your business run more smoothly to cut the conflict.
Rework the Magic Sauce
Lemonis took this burger joint’s frozen beef patties and revamped them by insisting on only fresh ground beef tailor-made with the best spices and ingredients to go along with it (here’s the ground beef reference I warned you about…insert your own customer offerings here). If your product is revamped and better than ever, you can market it enthusiastically and sell your product at a higher price.
Expand Your Margins
Add some features that make your product irreplaceable. If you’re offering the basic french fries already but you’re not selling how you’d like, consider adding a higher-priced, but sought-after, side of gourmet potatoes to increase your margins. Take a look at your market and figure out what you could add that people are searching for.
If all of this makes you want a burger, you’re not alone. Good luck out there, entrepreneurs.