Tuesday, March 28, 2017

Drag Your Business Back From The Brink

Most businesses fail within their first year. Yet they can still fail afterwards, unfortunately only so many businesses can exist. You need to do all you can to keep it up and running to stop the competitors closing you down. Bringing a business back from the brink is tough, but certainly doable. You have been operating fairly enough until now, so why can’t you get back to that place? You need to get your employees on board and really strive to get the business back on track. There is no guaranteed and foolproof way to do this. However, there are some tips that can help you. You might have tried or thought about some, but look at the others and use them to spring you back into normal operation. 

Look After The Profit 

The profit always has to come first. If you are making a loss then you are already on your way out. You need to ensure your profit is decent and that you are in the black. If you are not so good at this yourself then you should consider a credit control recruitment agency and employ a credit controller. Maybe you are the reason the profits aren’t right because you have shortcomings with maths. It's fine, everyone has their faults. You just need to negate them and push forward. You need to stop selling things that don’t sell and halt the supply of such items. 

Cut Costs

This again falls into looking after the profit, but cutting costs can help you push for a positive bank balance. Electricity should be monitored, always turn the lights off. Look at your utilities, can you get them for any cheaper than current? Ask your colleagues if they want some unpaid leave or cut back on overtime. Look at redundancies as a last resort. You need to show due diligence here so that it stacks up if taken to court but you can make a positive impression on your bank balance by saving thousands a month. It is a hard decision to make, yet one that could save your business from going bust. You could take less of a wage for a few months, or you could look at moving premises to somewhere smaller, especially if you have made some redundancies. Though this will only work if you operate a business working from an office that isn’t customer facing. 

Market! 

Marketing could be your way out. Think about starting a new promotion and tell everyone about it. Go online and use social media, use other blogs, email everyone who has ever bought from you before or post flyers if you have their addresses. Soon word of mouth will spread. Everybody loves a bargain and you can make some serious money. After the promotion, if people liked your products you may see some of them return and be happy to purchase at full price. Market everything and look at your visibility. Getting your business out there and pulling in a few more clients can really make the difference and see you drag your business back from the brink of oblivion.

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