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6 Logical Steps to Reviving Your Sinking Business

6 Logical Steps to Reviving Your Sinking Business
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By    |   Tuesday, 13 March 2018 06:27 AM

Research shows that roughly 20% of new businesses survive past their first year of operation. Around half of all businesses no longer exist after five years. Only one-third make it past their 10th anniversary.

Factors such as lack of innovation, inexperienced management team, poor financial management, lack of focus and determination, unhealthy competitions, declining market and change in consumers’ taste can’t be ruled out.

However, the big question is; if 20% of new businesses survive past their first year of operation, did the 80% failed business owners tried to revive their ventures? Here are 6 ways to revive your failed business;

  1. Ascertain the Cause(s) of the Failure

Businesses don’t just fail; there must be a cause. Identifying the cause is vital since the best way to solve a problem is diagnosis. There are thousands and one reasons why businesses fail. Issues such as poor performance management, lack of innovation, poor financial management and unattractive business logo can put you out of business.

Hence, it’s only an articulated and meticulous business owner that can set out time and ascertain the real cause of his/her business misfortunes.

  1. Gather relevant Information

Information is everywhere as long as the business world is concerned. There are lots of info one can get on printed and online academic journals, blogs, magazines and newspapers, books and personal stories of successful entrepreneurs that can help you deal with business challenges.

Obtain relevant information on the problem facing your business. This could be info on how to deal with poor performance and financial management, innovation or relationship management. Whatever it is, you can generate adequate information that’ll assist you to tackle business issues.

  1. Identify Alternative Courses of Action

Being vast with information on your business challenges gives you the capacity to identify alternative courses of actions that can help revive your business. For instance, a business owner who suddenly noticed a sharp decline in the sales digit can formulate alternative courses of action ranging from; digital marketing, customer relationship management, advertisement and adopting coupon and bonus. Considering all the possible alternatives will help you make more effective and satisfying decisions.

  1. Evaluate and choose among Alternatives

Here, you have to evaluate all the identified alternatives (digital marketing, customer relationship management, advertisement and adopting coupon and bonus) in order to find out the alternative course of action that can solve the problem.

In evaluating digital marketing, one will consider if email, content, video or social media marketing can effectively and efficiently deal with the problem. Also, the cost, benefits and suitability of digital marketing when compared to other alternatives should be thoroughly evaluated.

After evaluating each alternative course of actions and prioritize them in order from most likely solution to the problem to the least

  1. Take Action

Here is the implementation stage. After prioritizing the alternative courses of action in the order of most likely solution to the problem to the least, choose and implement the best alternative.

  1. Review your Decision

This is the stage where you get to know the effect of the alternative course of action on the problem i.e. the process of detecting how the implemented alternative course of action is doing.

This feedback is very crucial since it goes a long way in determining if the problem was correctly identified or if any important data was left out of the analysis or if there’s any need for modification, change, or re-design. When the implemented course of action is not significantly solving the problem, there is need to try another alternative till the problem is adequately tackled.

You can revive the sinking business. Whether it’s a manufacturing firm, consultancy agency, starting affiliate program for online casinos, restaurant, shipping company or service delivery agency, these logical steps can greatly assist you to overcome major business challenges.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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You can revive the sinking business. Whether it’s a manufacturing firm, consultancy agency, starting affiliate program for online casinos, restaurant, shipping company or service delivery agency, these logical steps can greatly assist you to overcome major business challenges.
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2018-27-13
Tuesday, 13 March 2018 06:27 AM
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