Nothing is engraved in stone!
This 5-letter maxim can be a motivational quote for any business owner struggling to turn things around form an ugly state. But merely believing in the words of a saying can’t fix anything in your premise if you don’t complement words with action.
So what can you do to save a sinking business?
- Develop a Business, Marketing, and Ops Strategy
If everything is going south, then maybe you don’t have a plan, or your approach isn’t working.
All company stakeholders deserve to know what your organization holds for them in the future. Everyone wants to understand their critical role in driving your firm to success.
Failure often results from poor or lack of planning. So a failing retailer should spare quality time to develop a well-organized business plan.
- Organize a Meeting with Key Employees and executives
Schedule a meeting with all executives and staff that matter to the survival and growth of your company.
Discuss the company’s status quo and ponder over remedies. Prepare a thorough agenda focusing on the business’s poor state and have it shared with attendees upfront.
Keep discussions official but casual and be ready to accommodate the perspectives of other stakeholders.
- Review Business Plans
The meeting discussed above should give you a sense of direction. If not; a series of follow-ups should be hosted to iron things out
Next, you will need to review your business plan to match the discussions from your meeting. Again, planning is critical; failure to review business plans can mean problems in the future.
- Arrange a meeting with your workforce
Call for an in-house gathering and come clean about the status of the business, and share the management’s recovery plan.
Share the relevant sections of your business plan with staff and request their contribution. Seeking your workforce’s participation is essential in building a team-driven business.
- Reassure Your Customers
A deteriorating brand reputation can get even the most loyal customers thinking otherwise.
This is the time to engage your subscriber base, admit the state of the business, and disclose how you’re working to fix it.
The best approach is to reassure your customers without lying to them.
- Reach out to your Vendors
You’ll also need to contact vendors and iron out matters because the news of a bad name can spread faster.
Again give detailed explanations and say the truth to maintain healthy relationships.
- Ensure Tax Compliance
Tax compliance issues and lawsuits are a major stumbling block in small business growth. Register your business in all relevant tax systems instead of waiting for the authorities to catch up and fine your business.
Also, talk with a business attorney to ensure you understand all your tax rights. Laws may vary by state and type of business.
- Meet with Your Lenders
Unsettled loans or credit lines can ruin your bottom line.
Meet your lenders, admit your status, and tell them what you plan to do. Working with your lenders (instead of running away) when your business is suffering can be a life-saver.
Tapping into business funding solutions like merchant cash advances can also save your business.
- Eliminate unnecessary expenses
Because you have a new plan, start with employees that you don’t need.
Next, implement affordable easy-to-integrate technologies to (1) speed up processes, (2) increase workplace efficiency, and (3) reduce the number of staff.
You also want to analyze your financial habits in every business spending you do.
Final Words
Turn your failing business around with these nine tips. It won’t be a walk in the park, but a step-by-step recovery plan is your only way out if you want to better your situation.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor and business funding solutions provider in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.