Ther ei sno hiding from the fact that as many as 50% of start up businesses will fail in the first three years. Which is a scary statistic when you think that so many people put their whole lives on the line to make their new businesses or entrepreneurial ideas a reality. However, sometimes when it comes to feeling like your company is on the brink, you can take fast action to really change things up, and perhaps even give yourself a brighter future in the process. I wanted to share with you what you could try to help save your startup.
Take on a whole new marketing focus
When it comes to your business, the way you market it can make a huge difference. It dictates your reach, the type of customers and people you are attracting and ultimately the amount of sales you make and your bottom line. So if you are not getting as much exposure as you would like then perhaps a new approach to your marketing could be the answer. This is where you could change things up. A little, try new tools to share content on platforms for social media, and really go for a different approach and customer demographic. It could make the world of difference to how your business performs and be enough to help bring your business back from the brink.
Consider the financial side of things
The next thing you might want to consider the financial aspects of your business. This is when cash flow can become a hugely important factor when it comes to the way your business is ran. Invoicing out means that you offer up a thirty day payment window for trade, and while you can also take advantage of this extension of good will, others will too. So you need to make sure that the books are balanced, and that you ensure that you can continue to do so by checking suppliers and customers are credit-worthy using services such as Creditsafe. A focus in the financial aspects of your business could help you to keep things more on track. However, if you do think that the financial side of things is beyond repair with your expertise then there are company rescue specialists out there that can advise and help you organise your business finances as well as offer advice on the next steps to make the best out of your difficult situation.
Outsource areas that you are struggling with
The next thing you may want to think about is certain areas of your business that might be struggling. In the first year especially, it can be tempted to try and handle every aspect of your business, but as you are one person, it can mean that one area can suffer. So if you find that your business is struggling then you may want to think about outsourcing some of the areas to help bring things back up to speed.
Invest for the bigger picture
Finally, you need to think about investing in the bigger picture when it comes to the business. Sometimes mor investment can help you move forward and reach a bigger potential. It might be ordering more stock or adding to your product and/or service range.
I hope that these tips help you bring your business back from the brink.
