6 business survival tips to sustain your factory in 2023
As a factory owner in Uganda today, you must always be prepared for the unexpected. The days and conditions we live in are so unpredictable. If you want your business to survive, there are so many variables and risks that you should take into consideration. A good example of this was the covid-19 pandemic that created an immense amount of challenges for different businesses.
Here are 6 business survival strategies to help your factory navigate through the next round of challenges in 2023.
1. Keep and sell more to your existing customers
Selling to new customers is almost eight-times more expensive than selling to existing ones. Find ways to sell more to your existing customers, maybe through offering new products, services or discounts when they spend more.
Build greater customer loyalty. Reach out to them and show that you plan to support them. Let them know that you will answer all calls and emails as quickly as you can and that you appreciate their business. Every day, you must focus on every aspect from management to product quality, to avoid disappointing customers. If you keep customers happy, you won’t have to worry once things get tough.
2.Cut your costs
If you fail to eliminate unnecessary costs, you’ll significantly reduce your chances of survival. Cutting costs doesn’t mean you stop all marketing activity, but stop wasting time and money on things that don’t deliver enough sales. Assess every area of your business and find ways to reduce waste and inefficiency. Rule nothing out. Many times, survival involves having to make tough decisions. Try to negotiate better deals with all of your suppliers.
3.Have a strong digital presence
People are now spending a substantial amount of time on the internet. Almost 50% of the world’s population uses social media So if your business doesn’t already exist online, make that transition immediately! Create an Instagram, Facebook or YouTube account that is warm, welcoming and engaging. This is an outlet to your consumer base.
Stay on your customers’ minds. This requires being around where they can see you, and social media gives you that leverage. Take care not to pester them with excessive emails. Use an approach that is helpful and emotionally resonant. Assure them that you sincerely care and that your product is as relevant as ever. Whether you choose to use influencers or paid social, you have to put in the effort to remain in your customers’ minds. Your social media platforms should be your best friends in the coming years.
4.Be ready to adapt to anything
A lot of the time, surviving as a business means one thing, and that is adapting. As long as you adapt to the situation at hand, you’ll find you’re much more likely to stand the test of time. When COVID 19 came in 2020, it was like everyone had to “adapt or die.” The usual nature of work we were all used to halted for apparent reasons. Everyone had to adapt to zoom meetings, online education, and social distancing
Your business practices must meet current customer demand and you should work toward anticipating future customer needs. Offer something new. This could be a product, service or way of doing things.
5.Invest in productive maintenance.
As a manufacturer, you should facilitate training for machine operators to perform many of the day-to-day tasks of simple maintenance and fault-finding. If operators understand the machinery and identify potential problems, they can correct them before they affect production, hence reducing both downtime and production costs.
A technician does routine tests on transformers at ECS.
6.Carry out an energy audit
Energy audit is an assessment of the energy efficiency of a facility. It identifies opportunities to save energy, reduce costs and improve the production process of a factory. Energy audits can help factory owners make their facilities safer and more environmentally friendly. It is just as important as going for a health checkup or taking a car for maintenance. It identifies exactly what needs to be done in order for the facility to work more efficiently and thus lowering total energy bills.
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Conducting an energy audit will help reduce your energy costs.
Also, since the audit discovers issues that would have been more expensive to fix later, factory owners often save on maintenance and repairs; for example, an electric motor that suffers from excessive friction and vibration is less efficient, since more energy is dissipated as heat.
An energy auditor might recommend that you update some of your equipment for maximum energy savings. If you decide to upgrade, you will not only save on energy costs, but you can also expect the equipment to last a long time.
Every day, businesses create innovations which simplify the buying process for their customers. If your business isn’t doing anything new and making life easier for your customers, you may risk losing your customers to people who will.
The ability of a company to quickly change or adapt in response to a rapidly changing market has now become central to business survival.
At ECS, we manufacture energy efficient switchgear that will keep you going for a long time.