Every business has its ups and downs, but what happens when you can’t bounce back from a down? Realising that your business is sinking can be unnerving, but thankfully there may still be a few ways to save it. Here are a few that are worth trying.
Get to the core
The first step to saving a business that’s sinking is to find out why it’s not doing well in the first place. Getting to the core of the problem will require you to ask for honesty from the people you trust. Ask your clients for honest feedback, and have a chat with any business partners or employees you may have. Next, conduct a SWOT analysis on your business- here’s how. Getting to the bottom of things can feel uncomfortable, but it’s the first and most important step to fixing things.
Some business ideas are great, but if they’re operating at the wrong place or time, then they might not be working out. If you’ve been trying to do something for a while without success (or you’ve had some success that’s since fizzled out) then it may be time to change course and try a different approach. Whether it’s changing your product or offering, adding in something new or refreshing your brand’s look and feel, sometimes even a simple change can improve your business a lot. The most resilient businesses are those which can adapt to changing times and demands, so embrace change as long as it’s thoughtful and strategic.
Back to basics
Do an audit of what you’re currently focusing your time and money on when it comes to your business. Are you investing in things that grow your business? What costs or activities can you cut down on or cut out altogether to keep your head above water? It can be easy to get bogged down in the details and lose sight of your overall mission, so getting back to basics is a good way to prioritise.
Staying optimistic in stressful times can be a big ask, but the more you believe that you can save your business, the better. It’s important to be not only realistic, but also hopeful for the future. Remember why you started in the first place, and trust in your power even if life has recently shaken you up.
Get comfortable with failure
Sometimes, no matter how hard we try our current business just won’t work out. And that’s ok! Most successful entrepreneurs had to go through multiple failed businesses before they discovered their winning formula. Walking away from a failing business makes sense in some cases, so don’t feel guilty if that’s what you need to do. If you’re not sure whether or not it’s time to throw the towel in, have a look at this article.
It’s possible to save a failing business, even if it seems like a daunting task. Remember that we’re always available on Ask CellCgirl if you’d like free, one-on-one advice. For more advice on how to overcome failures in business, check out this article. Good luck!