Is your business is in trouble?
Are you frantically trying to save it?
Have you asked yourself these 9 questions?
- Is the business worth saving – the question often unasked!
- What are the risks of saving vs not? Personal, business?
- What are the costs vs benefits for you, your team and other stakeholders?
- Why are you saving it? Is it for ego, for others, fear of failure, or is it because you really want to be the successful owner of this particular business? Be honest!
- Do you have the resources to save it or are you aiming to paddle out on a rescue boat to save a sinking cruise ship?
- Do you have the time available to fix all that needs fixing?
- Do you have the money available to invest in the areas going wrong? Not just to delay and potentially worsen the situation?
- Do you have the right team, knowledge and experience to turn this around and get the business where you want it to be?
- What are your plans when you save it?
- Do they still light your fire, are you committed, do they still align with your life plans & timelines?
- Are they likely? What if it doesn’t go to plan, have you considered all the options?
- Will all the effort to save the business pay off and you’ll be proud of your accomplishments?
Plan to Save
If, after asking yourself the above questions, saving your business is what you want to do then you need a plan – and this should be a plan to SAVE your business and NOT your business as usual plan!
Tips to create your Plan to Save:
- Work out your base line – how bad is it, what’s working and what’s not, what’s your burn rate
- Identify quick wins – how to stop or slow the bleeding, how to increase turnover (amount and speed)
- Detail the slower wins – getting back to how it worked in profitable times (or even better), what do you need to do more of, less of, stop or start
- List the stakeholders you need to work with – who do you need on your side to get over this blip, suppliers, creditors, your team
- Leave the stakeholders that are not working – those who are part of the problem for example suppliers with poor products/services, team members not pulling their weight. Work out who they are and plan to replace
- Create your to-do list in accordance with the above – targets, timelines, who is responsible
- Put the plan into action – now!
Business Debt Line – worried about the level of debt your business has and do not know all the options or what ifs? Then Business Debt Line are a great free resource to call and talk through your situation to get their advice.
Your Network – it is hard to tell people you are struggling, but, as the saying goes, a problem shared is a problem halved. So speak to other business owners you respect in your network and ask for their confidential advice. Learn from others. Seek out who has gone through similar.
Your Accountants – discuss the situation and plans early on with your accountants to get their advice and their external view on the position your business is in.
Still reading? Then you next action is…