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Why Am I Losing Business?

Dave Thomas

March 13, 2013

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For the typical small business owner, even hitting a month or two of bad financial returns can have a serious impact on his or her long-term goals.

So, in order to keep your head above water at all times, what signs should you look for that your business could be taking on some water along the way?

Among the things to look at:

1. Reduced web traffic - Some small business owners are really good at monitoring their website traffic, while others do it here and there, with you will discover some not doing it at all. Of those three scenarios, you never want to be in the last category, so at least monitor it from time to time. Better yet, check it out regularly, allowing you to look for any major dips in volume. When there are such occurrences, you need to investigate why they are taking place. While there could be some natural things going on tied to the economy, there is also the chance that consumers are reacting to negative news they have heard about you and/or your business. Issues such as bad customer service or the competition reportedly better could lead to a drop in your web traffic, something you really don’t want to become a regular issue;

2. Less online engagement - If you and your business are active on social media networks, have you noticed a recent downturn in the number of consumers engaging you? If so, this can be another sign of trouble on the horizon. While you should never spam consumers via your Facebook, Twitter, Pinterest, and other social vehicles, you need to actively engage them on a regular basis. If you notice they are taking less interest in doing such, you again could have trouble brewing. One of the major social media gaffes to avoid is being inconsistent with your social media efforts, as this will lead to limited traffic and engagement;

3. Employee morale - Your employees are your front line to the world of consumers, so any negative signs they are displaying are reason for concern. It is always wise to have monthly company meetings to hear about the feedback your employees get from customers, both on the phone and face-to-face. This holds especially true when it comes to those in sales, along with those who do customer service work for you in your office. If you are sensing some doubt in your employees, there is a good chance that they can tell you some customers are not happy;

4. Competition is spending more - Finally, are you noticing the competition going on an advertising and marketing spending spree? While there can be various reasons for this, one of them can be that they are moving in for the kill. Don’t kid yourself that the competition doesn’t know what is going on with your business, especially in today’s information age on the Internet. If the competition is picking up its promotional budget, there is certainly a chance that they have you in their crosshairs, ready to take away some of your business.

As one who owns a business, what signs do you look for that your company and your reputation as a smart business owner could be in trouble?

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