1. Intense Marketing
Don’t overlook the importance of having the right marketing tools. If the business is slow, you want to evaluate what equipment are you using in your marketing toolbox. Not only will you eventually get more business coming in, but you can learn a lot about what works and doesn’t in your marketing.
2. Cut down to cut costs
To stay in business, you will likely have to reduce your costs. Eliminate all discretionary spending. The summer outing or the company holiday party need to go. Also reduce what you pay for travel costs or utilities. Sadly, cutting costs may well involve the difficult decision to lay off people, reduce their hours or reduce compensation.
3. Communicate with Creditors
It’s tempting, when you owe money you can’t pay, to ignore the situation and hide. This is almost always a mistake. Call your creditors, explain your situation and your plans to pay your debt. Most people are willing to work with you if they believe that you will eventually pay what you owe.
4. Treat problems as opportunities
If you keep focusing on your problem that your business is not making enough money right now, all you get is worry, anxiety and ulcers. The most effective way on how to shift from focusing on the problem into seeing opportunities is by measuring your marketing metrics.
5. Take a course
There are many areas of learning that could help you in your business or that might bring new ideas and knowledge, which is good for creative thinking and innovation. This might be the right time to check out the number of online classes in any field. The good thing is many are free or inexpensive.
6. Upgrade your office
This might be the time for new things. Why not renovate and upgrade. Whether it’s new tech, new furniture, a coat of paint, a thorough cleaning, or general organization, prepare yourself and become more efficient. This will help you have a clear perspective and maybe have better ideas to do things differently for the better.
7. Ask for help
Entrepreneurs might find this tough, because you have to admit there’s a basic problem beyond a periodic aberration. Look to others who know more than you and get solid advice that you can take. If necessary hire a business coach to help you get back on track.
8. Re-Enter the workforce
This is not as easy as it sounds. More so if you have been your own boss for a long time. If your business has been in the area of your core competence, it may make things easy for you. If you are an auto engineer who had set up an automotive spare parts business, you will find it easier to return to working full-time as an employee in the auto industry.
9. Close the business
It’s sad but in some cases it’s necessary. If you lost the will to keep going and your other half is pleading for you to shut up shop and take a ‘real’ job, this might not only save your finances but also your relationship. Closing a business is tough emotionally because we feel we failed
10. Start another business
This is advocated in all financial glossies and will be the best thing to do if you are a born entrepreneur. You enjoy multitasking, grueling work hours, and are mentally strong enough to do it all over again. You are young, at least in your heart, and enthusiastically in love with your new idea.