The last time you checked, revenue had fallen, the client list was shrinking and the bills kept piling up. If you have been trying to figure out how to save your failing business, remember that nothing is impossible. It’s not too late and there are some tips that other owners have used to save their business.
The first thing you need to do is identify the problem. This is where many people fall short. Grant Cardone, the ‘Turnaround King’ and author of several books, has made a career of turning around failing companies and making them profitable again. After 25 years he knows a thing or two about identifying the root cause.
‘I’ve never seen the executives of a company have the right idea of what the problem is,’ he declares. ‘It’s like talking to a drug addict about his problems: He’ll blame everything but the drugs.’ So he says, ‘Before I meet with the management team I get some intel on the company.’
It’s easier to blame the economy, a badly timed expansion, the government or anything other than your own decisions. If you really want to save your company, you can’t be afraid to point a finger inward and take responsibility for your actions. That being said…
Maybe your staff or business partner needs to be revisited as well. You can’t run a business solo, which means a smart and motivated team is crucial to the success of your business. Make sure you trust their intentions for the company and look for those who have the initiative to take on problems and quickly solve them. Along those lines, reevaluate your clients and cut lose the ones that are draining your time and energy with little return.
Scrutinize your financials and make some tough cutting decisions. It’s time to trim the waste, time is money and so it the late payments on loans, credit card processing fees, personal salary, membership fees on certain business credit cards, paper and energy-sucking appliances. If you’re finding it hard to stay above water, you have to sacrifice something to throw overboard.
Know all of your options and keep your cool, it’s not too late to save your business. Don’t be afraid to ask for advice, stay focused and get creative – you will turn it around and learn from what happened.
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