Tips for Avoiding Business Wind-DownMarch 17, 2016
As a business owner, it is obvious that you have worked extremely hard to be in the position that you are currently in. Having to consider whether or not you should shut the door on this opportunity is no doubt physically and mentally exhausting. One thing you do know however, is that closing up shop is not an option. If you are in a situation where you feel like your business is struggling to stay afloat, here are some tips on how to avoid a business crisis.
Measure & Evaluate Annual Projections
After being in business for a year or two, it is a really good idea to take your company’s financial temperature if you haven’t already. If you haven’t been turning a profit and find yourself completely out of money, this is NOT the time to take out a loan that will put you in further debt. Alternatively, you should consider hiring a business consultant that can provide you with another solution.
Start Recruiting for your Customer Base
As mentioned above, business owners can become so involved with the daily operations of working and forget what there actually purpose was: to sell products/services to customers. In the case that the customers aren’t showing up, take initiative by hiring a business consultant who can help refer new clients and provide advice as to what steps are needed to start gaining more customers.
Hire a Professional Consultant
If you are considering suspending the business and resuming at a later time, there are several other solutions to help get you out of the trouble you are in with the right resources. If you are struggling to run your business and are certain that you can’t solve your problems alone, it might be time to hire a professional business consultant. Here at Qorval, closing up shop is the last resort. We want you and you to be successful and we know what actions need to be taken to fruitfully rescue your business.
At Qorval, we offer crisis and turnaround management services to help get your business back on track. Our services are tailored to the needs of your business and we treat each client’s company as if it were our own. Our process ranges from a 2-week strategic overview to an immediate immersion of a Chief Restructuring Officer and other human resources that may be needed to turn things around.