In 2018, 543,000 businesses emerged per month, and that sounds like a promising figure. But do you know that around 45% of businesses end up due to lack of capital, while 42% roll out because of no market? It means that every business doesn’t get the chance to mark their space in the thriving world of business.
There can be multiple reasons why companies hit rock bottom. Lack of profitability, wrong strategy, poor market analysis, and incompetent workforce are a few notable reasons that shatter the dreams of aspiring businesses, and their highs see the dawn of lows. But here the question is: is this end? Well, probably, no!
The massive success of Walt Disney Company, despite the repetitive failure of Walt Disney, is an example that shows failure is not the end of your dreams – it can be the beginning of your success.
If your business is also going through rough patches, here are some tips that might help you:
Analyze Your Situation Honestly:
The first step towards a better future is when you get the courage to analyze what your present looks like. Most people don’t dare to face reality and keep their eyes shut as if things will change with magic. Remember that magic is in you. However, you can only spring that magic into action if you know what kind of things you need to do.
Don’t think that things will not work out. Even if you are bankrupt, have a bad credit score, there is still hope for you because you can get bad credit personal loans guaranteed approval no credit check. Just don’t give up hope, and analyze the current situation honestly.
Re-Define Your Strategy:
Forget about all your previous plans and strategies, and start everything from point zero. We have witnessed the success story of Steve Jobs as he lifted his chaotic company in 1997 to what it is today, Apple. Only one decision changed his bottom-line: he changed his strategy and reduced the product line from 350 to 10. 10 is a very small number as compared to 350, but that was the much-needed twist in his company’s strategy, and it worked out for the better.
So once you have figured out the cause, re-define your strategy based on your analysis. Talk with other stakeholders, take their opinions, and define the best possible action to catalyze your growth.
Focus on Your Team:
No matter how good your plan is, if the people who are going to bring those plans into life are not good enough, nothing will work. One of the reasons why startups fail is that they don’t hire the right people.
Degrees never define the competence of people, and sometimes, their past experiences also don’t guarantee that they will also work for you in the best possible way. Every company has unique challenges and requirements of skill sets. So always choose your workforce very carefully according to them.
Key Takeaway:
Failures are part of life, but real champions don’t get intimidated by them. If you feel that your business is not working as you want, figure out the cause and work on it. Mostly, the key to the lock is lying in front of us; it is just that we don’t find it deliberately and carefully.
Look out; maybe your key is right there – in front of you!