If you think your business is sinking then it’s not too late! It’s only too late once it has sunk…
3 top tips to turning things around.
- Find a partner business that will help cut your overheads by sharing premises, resources, suppliers, buying power or staff. This will not only restructure your business for the better but will also free up some essential cash-flow. You’ll find other businesses both big and small are doing the same thing to survive.
- Find investors and dilute your own shares, you’re better to have 60% of something rather than 100% of nothing. There are plenty of investors out there, you might need to employ a mediator to find the best investor but it’s a plausible solution.
- Look at your business objectively. This is impossible without outside help, so seek advice from other sources and take onboard everything they say unemotionally. Give your business the best chance of surviving by looking at what is broken, products or services that aren’t very profitable or that carry the largest overheads.
With these small tips I hope it works out…