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Turning Around a Business
It seems that everytime you turn on the TV, pick up a newspaper or look online, yet another well known chain has gone to the wall. In difficult times like this when even the huge companies are stuggling, it can be terrifying for small business owners trying to battle the trend and stay afloat.
It is hard to ignore the fact that there are currently 140 firms in financial conditions considered "Critical" and that there were more then 13,700 who were in "significant" financial distress in the final quarter of 2012. Something reported by The Guardian late last year.
Many are blaming a mix of poor economic conditions that are making consumers think twice before making any non-essential purchase, and the increase of the dominance of online shopping for the sharp decline in footfall and sales of the bricks and mortar shops of the high street.
As a small business owner, it is essential that you realise that there is a risk that your business may fail and that you need to act on reducing this risk while you still can so that you can turn around your business and keep it at least secure and profitable even if you cannot grow it in this economic climate.
Admitting there is a problem.
It is a bitter pill to swallow that your business might fail, especially if yours is a business that is either brand new, or has taken many years to grow. Admitting that there is a problem and that the business is in trouble is often difficult, it is a lot easier in most cases to bury your head in the sand in the hopes that it will all go away but the first vital step in turning around your business is to admit that there is a problem starting to develop.
As a business owner naturally you have a vested interest in the business, after all you have invested time and money into it, therefore turning your business around and doing what you can to keep it stable should be top of your list of priorities.
Some of the things you will need to do will take time and could be difficult, for example cutting costs, talking to suppliers to try and get better terms and rates, diversifying into other area or even making staff redundant, so it is important to take action as soon as you have decided what needs doing. However, it is important that you don't have a knee jerk reaction and rush into a decision you later on end up regreting. You have spent time and money building your business up so a few days of careful consideration is called for.
Some of the options that may be available to you include:-
Remember that to turn your business around successfully will take time and effort and may involve some heartache (especially if you have to lay off staff) but the longer you leave it the higher the risk that you may well not be able to rescue your business in time.
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