Being a small business owner has its challenges, and unfortunately, 8 out 10 startups will retire to an early grave. Here are a few things you can do before throwing in the towel, so if the worst does happen, at least you know you did everything you could.
1.Face up to the problems
When things aren’t going well, it can be very tempting to bury your head in the sand. Problems will not go away by themselves. For any chance of recovery, you must be aware of exactly how dire your business situation is.
Accept that your business will fail if you do not immediately intervene and provide a solution. Failure is difficult to accept, but denial will cause you to fail without the tough lessons that set you up for success next time around
2.Create a plan and stick to it
You should create a business plan before you even start operating. If you did make a plan, review and see where you went wrong. Taking this into consideration, devise a realistic plan to get back on track. Your plan must offer a viable solution. If there isn’t one, you need to make a tough decision on the future of your business.
3.Consider all options
There are solutions to problems if you are willing to give them a try and rework your processes based on what failed the first time. Many successful entrepreneurs will tell you that they didn’t get it right the first time, but they learned from their mistakes and were open to trying other solutions
4.Be prepared to make some tough decisions
Emotional involvement aside, you need to do what is right for you and your business. SME owners often have a personal connection to their staff and their customers and are often held back by sentiment when making choices such as laying off employees or closing a store which has been part of a community for years. Right now, all your decisions have to be made for the good of the business.
5. Actively change
Armed with your in-depth business analysis and plan of action, now is the time to execute it. Do not be part of the failed business statistic because of your crippling fear of trying. The process of recovery is hard enough without negative opposition from yourself or others. Surround yourself with positive people who encourage and support your decisions.
Getting your business back on its feet is not going to be just a matter of months. Make sure you know how long you can keep going at the current rate, and how much time you are prepared to sink into something which may not actually succeed. Take one step at a time and regularly review your goals to make sure you are on track. In the end, it may be better to make a gut-wrenching decision early to limit your losses.
If your business is struggling to keep its head above water, Deployed can offer a viable solution. Local salaries, leases and expensive overheads can restrict a business from competing and succeeding in volatile markets. It also offers little chance of recovery should your business fail.
When you outsource business processes to the Philippines, you have access to a skilled and talented workforce for much lower costs without sacrificing skill or quality. Your remote teamwork from modern offices equipped with all the latest technology and internet connection. This provides a solution to expensive office space and ongoing overheads.
If you would like to find out more about how Deployed can help with the recovery of your business through affordable offshore staffing solutions, contact us today.