Get My Newsletter

All the Small Biz Dad goodness delivered straight to your inbox.  Don't worry, no more than once per week.
Your Name
Your Email

When Your Small Business Goes Bad

0

No one starts up a company with the aim of it all going wrong. Unfortunately, sometimes things happen that you can’t foresee and your business end up going bad. Yes, this can be a tough time, but it doesn’t mean that everything is an over or has failed. In fact, there are some strategies you can use when things do go wrong to minimize the damage or come out fighting with a new money-making scheme. Just read on to find out what they are.

You Have No Clients

Businesses need clients to succeed, and if you have a severe shortage of people on your books that are willing to buy your product or service, it could spend the end for your company. However, before you throw in the towel, it’s important to consider whether there are any other tactics you can use to attract more people.

Maybe it’s worth running a professional advertising campaign either on the TV, Radio, or Internet?  In fact, with the ability to personalize the adverts that internet users see to a much greater extent, the latter form can be a beneficial way of ensuring you are appealing your target market as directly as possible. Something that can quickly increase your sales if handled correctly.

You Run Out Of Funds

Money, it indeed is the bottom line in business, and that means if you run out of it you are in trouble. However, before you close the door to your company for good, why not consider some alternative options?

One option is to borrow money from a bank or peer to peer lender. An action that can be particularly useful if you are having a cash flow problem that can be quickly resolved, or you have a particular plan for development or expansion to execute.

Of course, if a small, short-term loan won’t do the job, then it may be time to employ a bankruptcy lawyer to assist with your situation. In fact, its vital that you do this right, because if you want to go into business again once everything has been resolved through the courts, you have to show you have acted legally and correctly, and this is something a legal professional can help you with.

small-business-bad-broke

You Are Involved In A PR Nightmare

Lastly, the way in which your public sees you can create a real problem for your small business, primarily if you have been associated with poor service, bad practices, and faulty goods.

This situation is one that is only compounded by the easy access to the internet, which means everyone and their uncles can easily find out all the juicy details of your business disaster.

Although, it is perhaps the internet that can also be your small business’s savior here too. This is because by employing some smart PR damage limitation just like KFC did in the UK recently, you can get customers back on side again. Something that can go a long way to keeping your small business afloat.

 

Share.

About Author

Ben is a follower of Christ, a rabid computer geek, small business owner, and breaker of things. He is married way above his station in life and has three wonderful children who have made driving him insane their mission in life.

Leave a Reply

Get My Newsletter

All the Small Biz Dad goodness delivered straight to your inbox.  Don't worry, no more than once per week.
Your Name
Your Email
I won't SPAM you.