• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • RECOMMENDED BOOKS
  • FREE TOOLS
  • CONTACT US
  • ABOUT

The Fortunate Investor

Investing, Business & Personal Finance For Wealth Builders

  • Save Money
  • Invest Your Money
  • Get Out of Debt
  • Making Money Online
  • Family & Money
  • Taxes
  • Business
  • Retirement
    • Retirement Calculator
Home » Practical Ways to Save Your Struggling Business

Practical Ways to Save Your Struggling Business

June 4, 2021 By Bobby | This article may contain affiliate links. For more information visit our Disclosure

Tweet
Share
Pin
Share
Share

Practical Ways to Save Your Struggling BusinessWhile you may wish for your business to thrive continually, certain circumstances beyond your control may pose some challenges. Indeed, many entrepreneurs experience difficulties that fold up their businesses. Research shows that approximately 20% of small businesses fail in the first year. That said, how can you prevent your struggling business from permanently closing? Here are some ways to try out. 

Determine the problem

It’s prudent to ascertain what’s causing your business struggles, as it makes it easier to salvage the situation. Perhaps, you didn’t properly investigate your target market, or your business plan wasn’t feasible. Did you pick the wrong marketing strategies or didn’t adapt to the changing business trends? It’s best to analyze all probable causes for an informed decision. According to the Managing Director of Atradius Australia, Mark Hoppe, excess debt, overexpansion, profit warnings, and unstable leadership are signs that could alert you of an impending business crisis.

Review your marketing strategies

Business trends change often, and you must find ways to adapt to them. For instance, the COVID-19 pandemic has significantly changed how businesses market their products and services. With a whopping 230 million digital buyers out there, you may want to embrace digital marketing if you haven’t done so. You may also make your social media platforms interactive by posting quality content, videos, and pictures. Another exceptional marketing resource is your customers, so you may want to treat them right. While a satisfied customer is more likely to recommend your business to others, an angry one can cause significant damage to your brand. It’s also prudent to research emerging trends to keep your business relevant and successful. 

Reduce your business costs

To alleviate your business struggles, you may consider cutting your business costs. It helps to boost your cash flow and increases your profits by limiting operational expenses. What’s more, it allows you to offer lower prices for your goods, setting you apart from your competitors. For instance, you can create and stick to a feasible budget and embrace cutting-edge technology solutions like teleconference services and open-source software. Landlines can be expensive; therefore, you can opt for cell phones or a virtual business phone service. If possible, consider working online until you can pay for office space and reduce your credit card debt. By all means, embrace digital invoice and bill payment systems to reduce paper use. It’s also best to outsource some workload to reduce labor costs. 

Source for funds

Perhaps, you need a capital boost to revitalize your business. In that case, you may embrace refinancing, as it increases your cash flow by offering a better loan rate and payment plan over a defined period. You can also include a complimentary product or service that may interest your customers and provide advance-payment discounts to win their loyalty. It’s also prudent to get venture capitalists and angel investors to invest in your business or seek financial help from trusted friends and relatives. Crowdfunding is also an efficient way to raise the needed capital; therefore, you can take advantage of online offerings such as Wefunder promotion services for the best results. 

It’s possible to revive your business should you know the right thing to do. Hopefully, you’ll adopt these steps to ensure success. 

  • About
  • Latest Posts
Bobby
Latest posts by Bobby (see all)
  • What’s Going Wrong In Your Business And How Can You Sort The Problems? - July 2, 2022
  • How To Choose The Right Manufacturing Company - July 1, 2022
  • Is Productivity An Issue In Your Business? Let’s Sort That Out - June 29, 2022

Primary Sidebar

Popular Articles

Whats Going Wrong In Your Business And How Can You Sort The Problems

What’s Going Wrong In Your Business And How Can You Sort The Problems?

Every business has its problems, there is no way around this. However, not every business has the … Read More about What’s Going Wrong In Your Business And How Can You Sort The Problems?

How To Choose The Right Manufacturing Company

How To Choose The Right Manufacturing Company

Having a modern, open and wide-ranging overview of the manufacturing industry is extremely important … Read More about How To Choose The Right Manufacturing Company

Is Productivity An Issue In Your Business Lets Sort That Out

Is Productivity An Issue In Your Business? Let’s Sort That Out

Productivity is one of the things that you should always be looking at when it comes to your … Read More about Is Productivity An Issue In Your Business? Let’s Sort That Out

Key Reasons Real Estate Is A Great Investment

Key Reasons Real Estate Is A Great Investment

Diversification of your portfolio is something that all investors will come across in their … Read More about Key Reasons Real Estate Is A Great Investment

What Happens To Credit Card Debts After A Divorce

What Happens To Credit Card Debts After A Divorce?

Credit cards are a practical tool when it comes to managing your finances and spreading the cost of … Read More about What Happens To Credit Card Debts After A Divorce?

Footer

TOPICS

SAVE MONEY
INVEST MONEY
REDUCE DEBT
MAKE MONEY
FAMILY & MONEY
TAXES
START A BUSINESS
RETIREMENT

THE FORTUNATE INVESTOR

ABOUT US
ADVERTISE
CONTACT US

The Fortunate Investor focuses on personal finance topics to build wealth. Topics include saving money, investing, managing debt, family and money, taxes, making money, college planning, starting a business, coupons and retirement.

SOCIAL MEDIA

FACEBOOK
TWITTER
PINTEREST
INSTAGRAM
YOUTUBE

Copyright © 2022 Fortunate Investor. All Rights Reserved. | Disclaimer & Disclosure | Privacy Policy | Terms of Service