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/

Just don't bother yourself. David De gea can save your business for you

Okay ooo.

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

Nice one !

these points are valid

I just learnt a thing or two

Okay

Bravo op!! fantastic points!!

Buhari should pls provide an enabling environment

On point.

Nice one

Dnt wanna say much...just the fact that this is an igbo man's writing :d

Access yourself and stop what you are doing that makes the business crash in the first place.


The Oracle have spoken.

Valid

On point

Op, yhu try

A bad seller always quarel with his costomers reduces their number, thus business don de fall yakata for jakata

Hmm

if De gea is the one stopping you from achieving your goals in life, my brother just forget it and change your destiny.

Very educating, kudos Op. I've learnt one or 2 tins dis sunday morning.

Happy Sunday 2 u all

Very True. In fact most businesses in Nigeria today need to consider applying these principles due to buhari recession.

Some business ventures from inception, are doomed to fail regardless of all interventions..........

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 .

G

Very well noted sir.

Nicely said

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Cool

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.

KingLennon:
Just don't bother yourself. David De gea can save your business for you