What To Do When Your Small Business Is Flailing

By Friday, December 23, 2016 0 No tags Permalink

You’re not at failing point yet, but things are starting to look a little grim. Maybe you’re behind on rent for your office or maybe you haven’t sold any products in a couple months. Whatever the case, your business is in the red a bit and you’re frantic trying to figure out how to get the numbers in the black again.

You can do it, and now is not the time to give up. If you can see at least the smallest amount of light at the end of the tunnel then your business does still stand a chance of survival. Here are a few things that may be able to help you swim again, rather than continue sinking.

Get A Loan

OK, a loan may not be the best idea, but if a small loan is enough to keep you afloat the little bit of time you’ll need to catch back up on payments or get some more products sold, it may be worth it. Getting a loan may be the answer you need, so don’t fail to consider it. Just make sure that you start paying it off as soon as you’re back out of the red.

Talk To Some Professionals

You may be able to get some great suggestions from other professionals that have already been where you are now. They will have insider tips that you may not have thought of as a more fledgling small business.

Some of their suggestions could include introducing new products or services. Maybe your sales have been down because people want something different now. Or, maybe they will have some better suggestions for managing your money, and how to have less business-related bills.

Look At The Books

Take some time to look over your business books. This is a good place to see if there are areas where you could be spending less, or if there are products or services that just aren’t pulling their weight anymore. You might even find a mistake that bumps you back out of the red, even if just a small amount.

It is extremely important to keep good records of your business expenses and income. Your books will help you know whether or not your business is actually doing well or not.

Have A Sale Or A Benefit

People love small businesses, so if yours is having some troubles you may be able to get some local help. Consider having a sale or benefit of some sort. Having a sale will get more of your products out there, just at a lower price. This could open up more space for new product launches, though.

Have a benefit auction, or event. You could have music or entertainers of some other kind. If you don’t have the space for this you could also consider having a crowdfunding campaign to ask for donations to help your business keep going.

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