While your business plan may have felt bulletproof when you wrote it, the world of small business ownership is full of ups and downs. You may feel like the ship is sinking, but don’t abandon it! There are plenty of things you can do to save a struggling business before it goes belly-up.
Determine What Went Wrong
Why is your business in such a sorry state? Look at your business decisions, dating back to day one. If you’re struggling with high employee turnover, do an anonymous survey of your employees to determine why people are quitting. If your products aren’t selling, look at your market research. Finding the source of the problem helps you brainstorm appropriate solutions.
Assess the Current Damage
To put it bluntly, how deep in the hole are you? How long has it been since your business turned a profit? In order to fix a problem in your business, you need to know how deep the damage goes to fight it effectively. Get help from your accounting department, crunch the numbers, and take out a loan if necessary to keep your business afloat as you implement new measures.
Brainstorm Alternative Solutions
When things get sticky, sometimes the most obvious or popular solutions won’t work. If you’ve applied for a business loan and been denied, think about working with an alternative lender. If customers aren’t interested in the products you’re selling, do some further market research and consider adjusting your approach. Ask for input from both your employees and your customer base about what they’d like to see from your business moving forward.
Tighten Your Belt
As you and your business move through this rough patch, you’ll need to cut some expenses while remaining operational. Reduce the amount of money you’re spending, even if it means downsizing your office or cutting hours. Remind yourself that these leaner times are temporary but necessary.
If your business is failing to turn a profit, don’t throw in the towel just yet. You’ve poured time, money, and precious effort into it, so these measures to save your struggling business will be worth the additional work.
