Is Your Business Struggling?
It can be frustrating to see your small business struggle after all you have put into it. You may be at a loss for how you can save your business. You may be wondering if your business is a failure. Below are some things you can do and resources you can contact to help your business.
Many of the things that can cause your business to struggle—such as a poor business location, misuse of funds, insufficient planning, and lack of experience—can be solved through a good business plan.
Review your business plan. If your business is in trouble, review your business plan. Look at the marketing and advertising plans you have established. Assess your market research and its relevancy to the current market. If you are following your business plan and your business is still struggling, you may want to consult with someone about your business plan.
Look at your finances. Most struggling businesses have financial troubles. If your business is failing, look at how you are dealing with your personal and business finances. If you need help getting your finances in order, seek financial advice from a reliable and competent source. If your business is still not making a profit even after you have lowered your expenses and eliminated extra money leaks, you probably need to restructure your business plan.
Know your limit. Watching your business fail is not a pleasant experience. If your business is collapsing, at some point you are going to need to get out. It can be tempting, especially after investing a large amount of time and money, to want to stick it out until the end, hoping things will change. Consider, however, where this will leave you if you do. As hard as it may be, decide at what point you will walk away, whether it is a dollar amount or a certain date.
The life of your business will not always follow a smooth course. If you are currently experiencing bumpy times, it may seem as though things will never turn around, but you may still be able to help your business succeed.
Plan your success. Identify specific improvements you want to see in your business. Be realistic but do not limit your capacity to achieve great things. As a small-business owner, if you want to see something happen, it is up to you to make sure it does. Although the road in front of you may look bleak, find a path you want to take and plan how you want to get there.
Follow God’s commandments. You will go a lot further in your business if you have the faith to follow God’s commandments. Pay your tithing, pray, keep the Sabbath day holy, and be ethical in your personal and business practices.
Having your business fail can feel like a personal defeat. Dealing with the tragedy of losing your business can be challenging. Here are some suggestions to help you recover from your loss.
Learn from your errors. You can learn a lot from failure. Think about why your business struggled.
- What caused the problems?
- How could you have avoided or resolved the problems?
- If you were going to do it over again, what would you do differently?
Write down what you have learned from your experiences.
Be proud of your successes. Make a list of the things that went well in your business. Consider how you have grown throughout the process.
Be honest about what happened. As you deal with your loss, be honest with others and yourself about what happened.
Begin to rebuild yourself. Get the counseling and support you feel you need. Employment Resource Services or a Self-Reliance Center can help you find resources in your community to help you.
Set goals for yourself. Doing so can reestablish purpose and direction in your life. If you feel unequal to the task, start small. Build your confidence. Find out how the Career Workshop can help you set goals.
Reach out to someone else in need. You have learned a lot through the process of running a small business. Share your knowledge with others.