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Published On: Mon, Aug 29th, 2016

How to turn around a failing business

It’s something that a lot of people don’t like to acknowledge, but it’s an all-too-common fact of doing business. Many of the businesses that are operating right now will eventually fail. If you are someone who is running a failing business but looking for a way to turn it around then you need to read this article and take it all to heart! There’s no hard and fast formula for making things better again, but you can certainly do all that you can to save your business. Take a look at these top tips here.

Find out what’s really going on

photo via Flickr stockmonkeys.com

photo via Flickr stockmonkeys.com

You might think that you know why your company is failing, but you might be labouring under a misapprehension. Knowing the company inside and out doesn’t mean you know why the company is failing. You might need to get some outside help with this one, and so enlisting the help of a secret shopper or some similar service can work here. You need to experience your company not as you do – but as your customers do. What you find out may surprise you. It’s important to truly understand the reason behind a lack of engagement or custom with your business and to act on these findings.

Invest in your staff

When you’re looking to turn your business around you you need to look at the people that you currently have working for you, and ask yourself “ are these the people that are going to turn my business around?” If the answer is no, then you need to ensure that you can change them into the people who are going to be helpful or let them go! Work with the people you already have on staff, and turn them into your dream staff members. It’s not impossible. You want to have people who problem solvers; disciplined people who going to take action on their own and change the things in the company that aren’t working. Ask your current stuff that they work towards a new ideal. Chances are they’ll be excited about the opportunity for more training and new developments.

Save money where you can

A key part of turning around a failing business is saving money wherever you can – on whatever you can – without compromising your current image.  One of the ways in which it is possible to do this is to install your company into a serviced office or virtual office. By making this sort of flexible arrangement, you are able to transact business with clients and stakeholders in a professional way, without having to spend the huge amount of money associated with a permanent lease. If you think a serviced office is the way to go and you want to know more, then that’s great. For more information visit – http://www.servcorp.co.nz/en/serviced-offices/

A final note…

When you are looking to turn around a failing business you need to know that this isn’t something that’s going to happen easily. If you’re truly invested in turning the business around, you’re going to need to spend a lot of time on figuring out what the problem truly is, and then working to create the solutions that will fix them. You need to be aware that this may be something that may not work in the long term, and you need to be prepared for this. It can be devastating if you invest a lot of time and money into a business, only to have it fail anyway. Take a good hard look at the business objectively, and figure out if this is something worth doing, or if it’s a passion project with little potential for success. If it’s the latter then perhaps you need to be realistic and move on from this.

Guest Author: Albert Clamark

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