What To Do When Your Business Is Failing
It’s a scenario many business owners know all too well. Your business still isn’t making a profit, despite the sweat and tears you’ve poured into it. You’re doing all the right things, but you’ve began to notice certain reasons why your business isn’t growing as you expected.
Read through these points to have an idea of what to do next.
The number in red on your accounting sheets may cause you to freak out. And it’s hard not to, but instead, take a deep breath and think about the countless other business owners going through the same process. Some, multiple times.
Panicking will cause you to make rash decisions that could hurt your business in the long run. Instead, make a list with long and short-term plans, and seek advice from experienced business owners near you.
Consider a Rebrand
You’re positive your product is fantastic. So what’s the problem? For consumers who know absolutely nothing about what you’re selling, your first impression is the most important. And right now, your first impression might actually be pushing people away.
It may sound like a Herculean task, but for small businesses, a rebrand isn’t as difficult to pull off as it sounds. Try to rethink everything about your product, from the message of your brand to your overall strategy. Perhaps you initially aimed to sell your quilts to grandmothers living in the suburbs, but you’ve found that each day, more and more young, urban professionals are buying them. Undergoing a complete redesign and rebrand could draw in more of these youth who seem to like your quilts so much.
Put Someone Else In Charge
For you, even thinking about this idea is sacrilege. When you’ve built up your business yourself, handing someone else the reins may seem unthinkable. It’s hard to believe that someone else may know how to run your own business better than you can.
Take a cue from larger companies and conglomerates. Although the business will always belong to you, it might be better to bring in someone who has run similar businesses in the past. They will likely identify specific problems affecting your business’ profitability better than you can.
Apply For A Rescue Grant Or Loan
Once you have a comprehensive plan in place you’ll likely need a injection of capital to help your business overcome this challenge. Thankfully there are multiple ways to get this help. Bluevine provides loans for up to $5 million dollars to small businesses in several countries.
The US government also gives small businesses easier access to loans through the Small Business Administration. Additionally, the SBA provides grants to small businesses planning to conduct scientific research or export their products abroad.
If you’re planning to export your products as part of your new business plan, you’ll need a reliable way to process payments effectively. Saving a failing business means you can’t spend your limited funds on paying for slow, unreliable bank wires.
Veem allows you to exchange international payments with all of your business partners with just a click. Even better, you’re equipped with a personal dashboard so you can track your payments in real time.
With no wire fees, Veem is the obvious option for small business trying to make a profit.
Sign up for a Veem account today and take your small business out of the red.
This content was originally published on the Veem blog. Check it out for more information and exclusive articles.