My Business Could Use Some Help
Your sales volume is static or declining, and your cash flow is getting tighter. You feel like you could use some help.
Questions to Ask Yourself
- Have I been watching the competition closely?
- Have I expanded too quickly and lost control?
- Have I been managing my cash flow effectively?
- Have I hired the right people for key positions?
- Do I have good relationships with my creditors?
Things to Watch For
- Unprofitable product lines
- Shrinking markets
- Changing markets
- Low morale
- Deteriorating customer service levels
Keys to Survival
- Face the facts, and identify and address the sources of your problems
- Generate cash quickly by selling some of your non-productive assets
- Keep your banker and suppliers informed
- Negotiate extended terms with your suppliers
- Restructure your loans
- Market aggressively
- Put together a "comeback" business plan