Sales are declining. You are barely keeping your head above water financially. Fewer and fewer clients are coming to your doorstep. You can feel the walls starting to cave in around you. This can be a disheartening and emotionally draining but you can probably turn around your situation. It is time to take action to rebuild your business and stop the train headed for Failure Town. So buckle up and let’s get started:
- You have to be prepared to look at your business objectively. You are emotionally invested in the company that you built so this can be a real challenge. You can’t move forward without being objective about the problems that are causing your issues.
- Is there demand for your product and service? You are going to have to do some market research to make sure that people actually need whatever you are offering. This can be sobering but there isn’t anything you can do to sell a product that people don’t want or need.
- Revamp your marketing. If you can confirm objectively that there is a demand for your business, you have to look at how you are marketing it and come up with a new plan. If you keep doing what you’ve always done, you’ll keep getting what you’ve always gotten. Make a new plan and stick to it.
- How are your finances? I have been on the finance bandwagon before and I’m going there again today. Now is the time to look at your cash flows to analyze every source of income and expenditure that your business generates on a monthly basis.
Any number of things can cause a business to start to sink. You aren’t necessarily to blame but you have to take ownership of finding out if it is salvageable.