Let’s dive into a question I recently received via email that may sound familiar to you…
“We’ve been in business for six years, and I thought making it past the first three, we were in the clear. Now I’m more and more afraid of failing. We’re losing money every month. Is there a point where you throw in the towel, or is every business saveable?”
If you’re in this situation, you might find yourself the same question, “Is my business really saveable?” The truth is that sometimes the answer is, “No. It’s not.” simply because the problems have gone on too long. Now it’s too far past a point where we can’t fix it. I’m sad to say I had a client this happened to last year. They ended up having to shut down one of their offices. The one thing they said which really stuck with me was, “Jennifer, I wish we’d have found you a year ago because if we had found you a year ago, we would have been able to save the business.”
It had just gotten too far past a point to be saveable.
The good news however, is if you can catch it in time, most businesses absolutely are saveable. You’ve invested so much time, effort, money, energy, love, hard work, sweat, blood, and tears.in growing your business. Of course, you don’t want to throw in the towel, but when it just starts to feel so hopeless and you don’t know what to do, that might start to feel like it’s the only option.
But it’s not. What you CAN do is start to refocus your efforts on saving the business, but doing it in a way that’s different from what you’ve done before. What I mean by this is that maybe one of the ways you’ve been “saving” your business is by going into debt. Now, because you’re carrying such a huge debt load, you can’t make those monthly payments anymore. This is where we’re going to save the business by fixing the underlying issues that are causing it not to be profitable in the first place.
Debt is the band-aid for the symptom. We start by going deep and healing what’s really wrong.
It is absolutely a process. It’s kind of like an onion where you’re having to peel back the different layers and get down deep into the business. As business owners, we want these answers to just come to us really easily, really quickly. We want to know, “Okay. What’s that one thing that I’ve got to do?”, but it probably isn’t one thing you have to do to save the business. In fact, I’ve never seen a situation where it was just one thing. It’s almost always a combination of multiple things that have to be done to save the company, and you’ve got to do all of those things in parallel with each other.
Get help by an expert who knows how to do this, who saves businesses, helps them with profitability, who does this for a living, because they’re going to know a lot more about how to turn it around than you do.
If you need more help on how to do that, how to turn your business around, you might want to take a look at our Profit Plus program, or you can also dive deeper into our free resources. You can leave a comment on this page or ask us a question. We’re happy to help you take it to the next step.
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