Five things you can do if your business is struggling.Mar 21, 2022
Running a small business can be risky, and sometimes you can hit a rough patch.
There are a number of reasons why a business may start to struggle. It could be not enough cash flow, not pricing properly, a lack of business planning, or if could be you. Maybe you were too optimistic or didn’t recognize your weak areas.
Whatever the reasons, the important thing is that you don’t give up. There ARE things you can do to turn your business around.
Practical first steps to get your business back on track.
- First, check your mindset. If you are feeling hopeless and negative, you’re going to have a hard time steering your business back in the right direction. Make sure you are fighting that inner voice of failure and replacing it with a positive dialogue. Tell yourself you can… and so you will.
- Perform a SWOT analysis – this is strategic exercise to identify your strengths, weaknesses, opportunities and threats. This will help you identify things that are not working right and find areas you should improve.
- Set goals and create an action plan to achieve them. Think about all the tasks you will need to do and how long it will take. And then do it… one step at a time.
- Get your finances in check. You may need to reduce costs and prioritize what gets paid and when. Can you cut travel. Can you renegotiate your office lease, or lease for equipment? Are there things you can cancel? Can you reduce employee hours without impacting productivity? While you’re at it, get a handle on your cash flow. What’s coming in and what’s going out. Work with your accountant to project sales and expenses. Make sure you are invoicing on time and follow up aggressively with customers who are slow to pay. Talk to your creditors as avoiding them will only make it worse. Let them know your situation and work it out with them.
- Focus on keeping your customers happy. Don’t get so distracted trying to bring in new customers that you neglect the ones you have. Ensure that you have the right processes in place to support your customer’s expectations in the right way.
Successful business owners stay the course and never give up even when things get tough. They also realize they don’t know everything and find mentors and a community to support them.
Consider the Time to Thrive Membership, a monthly marketing membership that provides marketing training, group coaching and a supportive community for small business owners.
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