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5 Effective Methods To Save A Failing Business And Get It To Rise Again - Business - Nairaland

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5 Effective Methods To Save A Failing Business And Get It To Rise Again by ajaniepp: 6:50am On Dec 03, 2017
It happens. Businesses get into trouble. You find yourself in a cash crunch. You can’t pay your bills or worse, you struggle to make payroll. It is a tough spot to be in.

Business is fun , yes but what happens when your business begins to fail, what happens when you no longer make profit and you are dipping into your savings?



What do you do to keep your business floating and well? How do you?
1. Cut costs.

To stay in business, you will likely have to reduce your costs. First, eliminate all unnecessary spending. The Christmas outing or the company holiday party need to go.

Can you reduce what you pay for travel costs or utilities? The landlord may be willing to reduce rent, at least for a time, if the alternative is empty space because you are out of business.
2. Owners should take control of their businesses.

If owners don’t have a hand in day-to-day operations, they have no control over whether businesses will succeed. Don’t stop at pointing out what should be done and how, also clearly state and emphasize that there will be consequences when standard operating procedures and processes aren’t followed. Also, you are free to be stern with your employees.
3. Prioritize your payables.

You owe more than your available cash. Therefore, you must prioritize what to pay. We suggest prioritizing in the following order:

First, pay any obligations that will shut your business down if you don’t pay them. For example, if you don’t pay your employees, they will likely leave to find work with employers who can pay them.

If this leaves you unable to deliver your product or service, you’ll be out of business. Paying employees is typically a top priority. Also, think about those vendors who supply needed materials.
4. Remember that the marketplace is a war zone.

It’s necessary to develop a warrior mentality instead of shrinking away from the competition. In order to be successful and remain that way, you have to continually focus on the market, react to it, and fight for what you believe should be yours. If you don’t, your competition will win the war and you do not want that.
5. Identify Problems

Narrow the focus of the problems the business is experiencing. For example, if a competitor enters your market and offers a better product or lower prices, one of the main issues of your business’s failure is an inability to compete. In this instance, put your focus on matching prices or promoting quality of service over price.

If your main problem is a slowdown in business, evaluate the effectiveness of your sales force and the nature of your marketing and advertising approach. Identifying key areas of business problems can help you focus your turnaround efforts.

Source:- http://www.exclusivepp.com.ng/5-effective-methods-save-failing-business-get-rise/

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Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by KingLennon(m): 7:00am On Dec 03, 2017
Just don't bother yourself. David De gea can save your business for you grin

38 Likes 4 Shares

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by theophorus(m): 7:01am On Dec 03, 2017
Okay ooo.

But then some Businesses, once they start failing your best bet is to cash out and count your losses.

1 Like 1 Share

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by Flexherbal(m): 7:02am On Dec 03, 2017
Nice one !

1 Like

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by primeache: 7:02am On Dec 03, 2017
these points are valid

2 Likes

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by purem(m): 7:02am On Dec 03, 2017
my advice to yhu that is reading this is that in anything you do in this life always remember that today is Sunday, which means yhur not going to work, yhu gonna relax till evening
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by cnonyechi(f): 7:03am On Dec 03, 2017
I just learnt a thing or two

1 Like

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by Castleberry: 7:03am On Dec 03, 2017
Okay
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by joviegghead: 7:04am On Dec 03, 2017
Bravo op!! fantastic points!!

1 Like

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by Yem0350: 7:04am On Dec 03, 2017
Buhari should pls provide an enabling environment
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by ememonl(m): 7:05am On Dec 03, 2017
On point.
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by firo08(m): 7:08am On Dec 03, 2017
Nice one
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by HumbleGee(f): 7:10am On Dec 03, 2017
Dnt wanna say much...just the fact that this is an igbo man's writing :d

1 Like

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by OVA200(m): 7:10am On Dec 03, 2017
Access yourself and stop what you are doing that makes the business crash in the first place.


The Oracle have spoken.

1 Like

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by calberian: 7:14am On Dec 03, 2017
Valid
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by 9jatatafo(m): 7:15am On Dec 03, 2017
On point
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by Rhodiumic(m): 7:15am On Dec 03, 2017
Op, yhu try
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by canalily(m): 7:18am On Dec 03, 2017
A bad seller always quarel with his costomers reduces their number, thus business don de fall yakata for jakataembarassed

1 Like

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by kayo80(m): 7:20am On Dec 03, 2017
Hmm
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by geostrata(m): 7:20am On Dec 03, 2017
if De gea is the one stopping you from achieving your goals in life, my brother just forget it and change your destiny.

6 Likes

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by iamDjSkukie(m): 7:21am On Dec 03, 2017
Very educating, kudos Op. I've learnt one or 2 tins dis sunday morning.

Happy Sunday 2 u all
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by proeast(m): 7:21am On Dec 03, 2017
Very True. In fact most businesses in Nigeria today need to consider applying these principles due to buhari recession.
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by Lexusgs430: 7:21am On Dec 03, 2017
Some business ventures from inception, are doomed to fail regardless of all interventions..........
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by Krafty006: 7:24am On Dec 03, 2017
check around, the rich and the most comfortable are entrepreneurs. it is better to own a business than to earn salaries. Salary earners don't live beyond their paychecks. However, you have to be diligent and also, avoid unnecessary spending .
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by moscobabs(m): 7:24am On Dec 03, 2017
G
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by JazzMode: 7:27am On Dec 03, 2017
Very well noted sir.
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by Engnrcollins(m): 7:30am On Dec 03, 2017
Nicely said

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Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by miqos02(m): 7:30am On Dec 03, 2017
Cool
Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by kay29000(m): 7:32am On Dec 03, 2017
Nice one. Also, if possible, give your clients /customers bonuses within a short time frame... Like a 1 day promo on your products or services, where there can get it at a reduced price.

1 Like

Re: 5 Effective Methods To Save A Failing Business And Get It To Rise Again by Atiku2019: 7:33am On Dec 03, 2017
KingLennon:
Just don't bother yourself. David De gea can save your business for you grin

undecided

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