Saving Your Business From Hitting The Downward Spiral

By Business Desk

Tuesday, April 9, 2019.

We all go into business with the best of intentions, usually, we do it to make a better life for ourselves, but what happens? We end up struggling under the weight of our own inexperience. When it comes to any business, there's a lot of trial-and-error, but when we are at a point where we can't do anything to stop this downward spiral, what can we do to ensure that our business is not just able to survive this shortcoming, but actually come back to life?

Exploring Alternative Funding

Alternative funding is the best way to get your business back to life, and there are plenty of options out there. You could sell your business for equity, which can, at the very least, highlights what your business has to show for it, there's a very handy guide on the “preferred equity” side of things on the Maxiron Capital site. There's also invoice factoring. And this is where the unpaid invoices you have are given to a company and they “take on” your debt. While this doesn't leave you in the clear, what it does is that it gives you that breathing space so you can build your business back up, while they chase the people that owe you money.

Altering The Workers

It's not necessarily about “out with the old and in with the new”, but when we are trying to build ourselves back up from any wreckage, it could very well be to do with a lack of engagement from the perspective of our employees. This means that we've got to either bring in new workers or alter the company’s culture. And altering the company's culture, by turning it into an environment that's nurturing, but also productive, takes a long time. But if you find that your business has been sluggish for some time due to a lack of engagement, when you have the opportunity to build everything back up, you have to focus on the culture.

Lead Better

Let's face it, it all stems from you. And by learning to lead better, you will inspire your workers to do better and perform above and beyond. But also, we have to think about the fact that if our business has been going down the tubes for some time, are we to blame? If we take a long hard look in the mirror and see that we are making compromises or cutting corners for an easier life, the business will never benefit from this. And, when we learn to make changes as a leader, one of the many ways to inspire growth will include commitment. Ultimately, if you want to see change through, it's your dedication that matters, no one else's!

It can happen to many of us, but as our business goes down this downward spiral, we've got to learn how to utilise the best resources right now, but also realise that it's not about playing the blame game. After all, we've got to take responsibility for our actions, and if our business has gone down the tubes, there is no reason we cannot bring it back up. But we have to ensure we've got commitments in our bones.