The Double Take | How to Save a Dying Business
There are no Revive potions in the business world but there certainly are other things that you can do to save a dying business.
1. Find out what went wrong – There are 2 ways to identify the problem. First, you can investigate and check every part of your business, from your inventory to your employees. Second, you can ask your customers directly through surveys and feedback forms. If you do not know what the problem is, how are you going to solve it?
2. Accept and acknowledge – Some business owners refuse to believe that there is something wrong in the way they handle their business. After identifying what’s wrong, clear your mind and start thinking of possible solutions to address the problem. You won’t be able to move on if you’re always in denial.
3. Don’t Panic – Deep breathes in, deep breathes out. If you let panic settle in, it can lead to making rash decisions that you will only worsen your situation.
4. Regroup! – You should talk about the problems with your team because it is also very important that they are aware of what’s going on. Meeting with your employees will make it easier for you to implement new rules as well as gain other important knowledge that you may have missed after looking at things from their perspective. Let them speak and suggest!
5. Rebrand – If you think you need a fresh start, do not be afraid to rebrand. Changing the image of your business will also change the way people view you! You don’t have to resort to rebranding right away and there’s absolutely no pressure to do it. But if the situation calls for it, give it a go!
Meet business experts who will help guide you through the entire process. Join us for Filipino Franchise Business Expo 2020, this coming May 5 to 7, 2020 at Word Trade Center.