How to Save Your Business When It’s Failing

Written by promotiondept

September 18, 2018



Lst Upted: Sep 7, 2017
Is your business struggling? re you losing s or money nd don’t know how to plug the hole? Here re three things to look t when your business is filing.

We like to tlk bout successes nd how to succeed in business, but the truth is mny (most?) new smll businesses fil. So, understnding how to recognize when things strt to go south is obviously importnt. It’s not the end of the world though… t lest not yet. There re lwys some steps you cn tke to try to “right the ship,” so to spek.

re you losing s?

If you find tht customers are drifting away, it could be coincidence, or there could be common underlying reson (or severl resons). The best dvice I cn give is to rech out to ech deprting . ttempt to lern why they re leving you nd wht is “greener” on the other side. See if you cn offer up something reson to sve the reltionship. You my end up retining tht you would hve otherwise lost. t the very lest you’ll lern some vlu pieces of informtion from them tht you cn tke wy, nd this info might llow you to curtil similr outcomes with other clients. This could men the difference between stying in business nd closing your doors for good.

re you losing too much money?

If money see to be the sole issue, you my need to look hrd nd fst t your expenses nd your outgoing cash flow. Bring in outside help if you’re not s good with finnces s you thought you were.

You my need to begin exmining business finnces every week rther thn every month. Ctching proble erlier cn mke huge difference – 10% cost overruns re fr esier to fix thn 50% cost overruns.

Would switching to upfront billing (if it mkes sense for your business or service) help your csh flow nd csh plnning process? I incorported this with nerly ll of my clients two yers go nd it ws huge help in ter of how I ws to pln the business csh flow nd mrketing ctivities, s well s just ensuring my plte ws lwys full.

lso, more frequent oversight of your outgoing expenses cn help you detine you hve just stuck with tht you could decrese or eliminte in order to reduce your overhed. Switching from Verizon to Sprint for my mobile service lone sved me ider money over the course of yer.

re you flling behind in skills, technology, or visibility?

It my be gut check time. re you just slipping? One of these my hve come to light when you went to your clients on the fence in the first ction listed bove. But, if not, tke hrd look t ech one of these. re you dinosur? re you not being innovtive enough (becuse your competition probbly is)? Do you seem rchic?

sk some trusted s these or similr questions:

Summry

If the ship is sinking, mening your business is going under, there very well my be nothing you cn do bout it. But my guess is tht since it’s your business – your bby – you wnt to do everything you cn (within reson) to sve it. Strt by getting some fcts nd tking hrd look t the little things you my be overlooking. These ctions nd how you rect to the informtion you get my mke the difference nd ctully sve your business.

dditionl reding: 21 Small Business Survival Strategies

© 2013 ttrd Communictions, , DB Business Know-How®.  My not be reproduced, reprinted or redistributed without written pission.

Brd Egelnd is Business Designer nd IT/PM ultnt nd uthor of A Real World Project Manager’s Guide to the Successful Project. He hs over 25 yers of softwre development, mngement, nd project mngement experience leding inititives in Mnufcturing, Government Contrcting, Cretive Design, Gming nd Hospitlity, Retil Opertions, vition nd irline, Phrmceuticl, Strt-ups, Helthcre, Higher Eduction, Non-profit, High-Tech, Engineering nd generl IT. Brd is mrried, fther of 11, nd living in sunny Ls Vegs, NV. Visit Brd’s site t www.bradegeland.com.

Source

How To Really REALIZE DREAMS COME TRUE?

Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

You May Also Like…

0 Comments

Submit a Comment