In totality, I have seen business fail, investment lost, years of labour gone down the drain
This article is to offer some basic strategies to help any entrepreneur going through business crisis to find ways on how to revive their dying or failing businesses.
if your business is dying as evident in no sales, low staff morale, low turn over etc. then these steps and or strategies will be of help.
what must you do if or when your business is failing or dying?
- Analyse the business operations.
there are several tools that can be used to analyse business operations, among which are: SPIN analysis, SWOT-SCUP analysis, DOSSIER LOOP etc. Analysing the business will make you know what area needs attention or working on. - 30% tradeoff.
The concept of the 30% trade off is to reduce staff number by 30% or reduce staff salary by 30%.
Business in crisis need to re-channel resources and as such trimming operations through either staff reduction or salary reduction is a key step. - Focus on marketing and training of the workforce.
A failing business is a business that isn't making sales, no finance, low staff morale etc As a strategy to get back on your feet, you have to invest on marketing and staff capacity training focusing on the results of the analysis.
This means that, it is not just about the training but focused trainings to meet the need and challenge of the business. - Roll-up your sleeves and set new goals.
As the entrepreneur you have to roll up your sleeves and get dirty again if you are getting used to the office. Don't expect your staff to lead the change when you just ditch out orders.
get your hands dirty and set big hairy and audacious goals, then let these goals drive the organization. - Engage a consultant or consulting firm
your analysis and the new goals should tell you what area of focus you want. Hence engage a consultant with experience in reviving your failing business.
This consultant should even start with you in the analysis stage of your operations.
This consultant should even start with you in the analysis stage of your operations.
In all, I believe in your success
if you need a consulting firm or consultant to help you with your business analysis, set and execute the new goals, then reach out to me.
IEBelieve
Enterprise Strategist
+2348093759013
+2348093759013