How to turn around a struggling business

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Study the market and meet your customer

Rumors of your imminent demise are swirling around the business community. Key customers are becoming nervous and some are even looking for new vendors. Don’t stick your head in the sand. Inform your customers about your situation and tell them how you plan to correct it. Be reassuring, but not deceitful.

Diversification

Diversifying can help your business

Many small companies are one-trick ponies, betting their entire futures on a single product, a single service, a single location or even a single customer. And there’s nothing wrong with that in the beginning: A narrow focus lets a startup concentrate energy on doing one thing extremely well.

But as you grow larger, you’ll find opportunities to add products, services, locations, customers and markets. Diversifying in this way can help your business weather tough times by providing alternate sources of revenue in the event that your original market dries up, stops growing or is hit by new competition.

Keep Only Employees Who Are Essential to the Business

Figure out which employees you can let go without damaging your business and which you are better off saving money on for now.

Nobody likes to let people go, but for the business to survive you want to keep only people who are bringing in, making, or servicing sales. Maybe you can hire some back later when times are better. Or maybe some you just cut their hours for now and hope to increase later.