An astonishing 96 percent of businesses go under within a decade of starting up.l That is a truly scary figure for an entrepreneur to be looking at, especially those of you who are already trading and are going through a rough patch at the moment.
Running a business is a lot of hard work and it is certainly pretty complex, so it is not surprising that so many companies fail, but you need to focus on the fact that some businesses do succeed, even after a period of crisis and you need to start doing the things that will turn your business around and get you back in the black.
Here are a few vital steps you need to take if you want to turn your failing business around:
Conduct Market Research
If your business is failing and it’s failing because you simply aren’t making enough sales, then the first thing you need to do is conduct some heavy market research with the help of Brandware Research. Only when you know what your customers want and what you currently aren’t giving them that you could be, can you start to make some changes and nurse your failing business back to health.
Cut Costs
Evaluating your incomings and outgoings and identifying areas where you can make changes without cutting the quality of your business (cheaper utilities, a more affordable supplier, etc.), is a sensible measure to take when your business isn’t exactly booming and you need to bolster your cash flow to get you through a rough patch.
Rally the Troops
If you want to fight back against failure, then you need to become a better leader. You need to rally your troops around you so that you are all firing on four cylinders; so that you’re all on the same page and you are all working hard to build up the business, meet milestones and achieve the goals you’ve determined will help you to get back on track
Speak to Insolvency Experts
Getting insolvency advice from Poppleton and Appleby is probably something you think you should do when it’s time to throw in the towel and admit defeat, but actually, these professionals can often find solutions to keep you in business. If they’re unable to do that, then at least you’ll be able to deal with insolvency as painlessly as possible.
Be Proactive and Modernize
If you’re still running your business with a fax machine Windows Vista and a product that you created in 2000 that has none of the new features that your competitors are using, for example, you need to start being proactive about those things and changing them so you can compete on an even footing, don’t do this and you are doomed to fail.
Turning around a failing business is not easy and you won’t be able to do it by putting these steps into action alone, but they are a great place to get started and they will help you to build a firmer foundation upon which you can patch up your crumbling.
