Failure in business is unavoidable. Many businesses have failed in the past, and the sad reality is that many more will do so in the future. If you're reading this, likely, you're either about to give up on your business or are desperately looking for ways to save it. Whatever the case may be, I have some excellent news for you. But first, think about why you're considering closing your company.
It's tempting to give up when faced with the genuine risk of failure. However, it is those days of near-failure that will put your business approach to the test. It's simple to give up. The real issue is sticking it out. Take a cue from collegiate football coach Nick Saban, who encapsulates his attitude in the question "How Good Do You Want to Be?" As he puts it, "Do not relax when you are far ahead or dominating your marketplace. That is the time to push even harder."
Before you give up on your company, you owe it to yourself (and any employees) to give these four notions some thought.
1. Drill Down the Cause
Many business owners seek good feedback from their clients. You should also set up a strategy for collecting negative feedback. When things go wrong, this is usually where you can figure out a lot of the "why." Is it customer service, or sales forecasting, or inventory problems?
2. Improve Your Team
Your team has been instrumental in bringing your company to this important juncture. You need to turn your employees into assets now more than ever. Your staff is likely unfamiliar with your business concept or the company itself. Some people may only be there for the money. This is not good for any company.
Nothing grows a firm like a dedicated team of people who are all invested in its success. Your employees must believe they are active participants in the company and dedicated stakeholders. Your CEOs, as a result, must become expert salespeople.
Two is better than one, as the proverb goes because they get a higher reward for their efforts. You'll be astounded at the power of a committed group of people.
3. Focus on Customers
Pitch what your customers want rather than what you want to sell. Remember that your company exists to provide services that your customers want. The fundamentals of economics remain demand and supply. Knowing and meeting the demands of your consumers is critical to the longevity of your business.
Make ensuring customer happiness a top concern. Invest in a comprehensive market survey. Engage with your customers to learn what they really want from your company. Then, to meet their needs, align your product model and marketing strategy.
Existing clients will not be enough to keep your firm afloat. You must acquire new clients in order to increase your income. Invest in low-cost advertising tactics to raise exposure for your goods. If you have to, meet people one-on-one; in fact, depending on your industry, you should be doing so anyway.
4. Figure Out What to Do With Assets
Your company's assets may be your only solace if your firm falls today. Assets are supposed to make money for your company, and that shouldn't change just because you're in a bad situation. The money you could make by trading these assets could be just what you need to stay afloat.
Buildings and essential gear can be leased for a good price. You'll definitely be tempted to sell at this time, but don't make a hasty decision. You might lose a lot of money, and there are plenty of people eager to take advantage of such an expensive error.
It's frequently preferable to get into a rental or leasing agreement if you can agree on terms. If you absolutely must sell, try to keep part of the property's proprietary rights.
Who knows what tomorrow has in store. By implementing a few ideas, you could help save your business.