3 things you can do if your business is on life support.

2개월 전

lifebelt4148444_1280.jpg

Introduction

Running a business is as difficult as anything else. A lot of factors - some beyon your control - can make or mare your business. For example, unexpected government regulation can adversely affect sales. Change in consumer behaviour can also make your business struggle. And how about global emergencies - like COVID-19, many businesses have gone under and a lot are simply holding on to dear life. So what can be done if your business is struggling to stay in business? These three practical suggestions can help:

1. Reduce operating costs: Even within the family circle or for an individual, cutting costs is usually the first line of action if you struggle with finances. It also applies in business. Carefully check all your expenses and you will surely find some spendings you can cut. For example, if you have utility services you can do without, such as cable TV in the reception room, expensive marketing activities and other things. There is no exhaustive, comprehensive list for every business owner. But then, when you check your business operating costs, you will surely something to cut cost on. This would be a fine way to start reduction of expenses. But there is more that can be done.

2. Identify whats killing your business: Even if there is no COVID-19, businesses still collapse everyday. So something must be resposible for this and needs to swiftly identified. Are you affected by shift in consumer behaviour? Then try to find out whats selling ans what is not. If your customers prefer a new product or service because it has certain new advantages, then plan to swifly make changes to gain back your customer loyalty. Is there a new government regulation that is affecting your business, find out and see how to adapt your services to flow with the new rule. Or maybe your products or services are a little expensive. Then try to give the best deal so that you do not loose out entirely to competition. The truth remains that as a business owner, you can identify whats pushing your business towards life support. When you fish this out, it will be easier to plan a new path towards recovery.

3. Work deligently to steady ship: Giving up should not be the first option. You have to fight for your vision. Some business owners that experience crisis often feel overwelmed by the whole stress. But that should not be the case. Sometimes, instability in business helps you identify weak areas that must be strengthed. Some big organizations grew bigger after weathering some difficult storm. The inner strength to keep fighting should always be there. So try to make things right and always believe that your business will not go below. With such strong determination to right the wrongs, even a business on the verge of death can successfully be revived.

Conclusion

Running a business is one of the most difficult things to do. But with the right plans and effort, you can succeed. The biggest organizations we see today weathered much storm to be where they are today. So do all you could to realize your vision for setting up your business. If everthing was done and the only option remaining is to go down, then you feel satisfied that you gave your all.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT
Sort Order:  trending

This is a great guide that will help to ensure that your business is in right other.

·

Sure @tfame3865. Lots of businesses are struggling and some won't see the light of the day after now. So it's good for small and big entrepreneurs to be proactive and ensure that their businesses remain afloat.

You have made some really valid points... Sometimes desperate times calls for desperate measures... When a business is suffering, it is best to look at ways that can help give it more life, like cutting down on expenses as lack of funds is one of the major reasons why some businesses are on life support

·

Thanks @chimzycash. Just as we are surviving the pandemic, entrepreneurs should believe strongly that their businesses won't go under. We need to be proactive and do everything necessary to stay in business.

@focusnow this is very nice article , we have to change our strategies if our business is going in loss.

·

thanks @aidtyajainxds. When we do the rights, we are sure to keep our business alive

Then try to find out whats selling and what is not

Most small businesses are usually not able to meet up with the demands of swift changes because of financial constrain.

Amazing post!

·

Correct @eni-ola. But some small businesses are able to make these changes, but the challenge is that they have not seen that these changes are necessary

I have also seen so many businesses spring up after everyone thought they were failed already, I always encourage business owners not to give up easily.

·

Thanks @frederickbangs. That should be the first mentality. That you are not going anywhere no matter what happens.

Hello @focusnow.
Irrespective of any crises we may experience, the best thing is to push pushing as far as we can go.

·

Thanks @ireti. If for anything, crisis should make us stronger and more determined to work harder on our business and navigate it clear of the struggles.

You have definitely made some intresting point which is definitely true and taken from real life experiences. Its necessary to know about it because nowadays there is a huge competition everywhere,to survive in today's world. Managing a business organization is much more harder than starting a business organization. Isn't?

·

@rishabh99946. I love the last point you made and it's kind of funny too. It's actually harder to stay in business than to start one. So it becomes obvious that entrepreneurs should work harder to stay in business especially in times of crisis.

·
·

Exactly my friend.