What to Do When Your Business Isn’t Growing

Recognize and accept that it’s not growing. Determine if you want to improve the business to profitability or step away from it and close your doors.

If you want to shut it all down, take the necessary precautions. If you have a partner, then you need to discuss the situation with him/her/them. You certainly don’t want any bad blood with anyone concerning business because that follows you. Next, pay off any remaining bills or debts. Another important step in closing your business is to notify your employees (if any) and customers. You can’t just disappear. What if you want to reopen at some point– you want your employees and customers to return. It’s very bad business to just up and shut down without prior notice. You want your exit to be pleasant.

Now on the other hand, if you want to improve it, then you should proceed forward by locating the problem. You can do that two different ways. You can seek help from a business consultant. Or you can try to work it out yourself. But, obviously that hasn’t worked thus far. So, find a business consultant to help you patch things up. A business consultant will help you figure out why your business has not been growing. You want to keep this process as easy as possible; simply retracing your steps back the beginning when your first started your business can accomplish this.

There is another tool that you can use to analyze your business. It’s called a SWOT Analysis. SWOT Analysis is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture.

 

For further reading: 3 Reasons Why Your Business Isn’t Growing

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