Exactly a year ago, my business hit a brick wall.
Prior to this time, I had been struggling with cash flow issues; this continued to go on then business activities slowed down such that the business could no longer fund itself.
This was a really difficult time for me but today, I look back and am so grateful and happy, the business that got so close to shutting down currently records as much as 5-10 times its former revenue.
The recovery process has been marked by significant turning points and though the business is still a long way from where it can be, it continues to show substantial and consistent growth.
From my experience, I share a few tips that can be used to troubleshoot failing businesses.
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| photo credit : www.frenchwhisk.blogspot.ca |
- Focus on your customers; profile them and listen closely to them.
- Personal effectiveness; sharpen your entrepreneurial character and skills, maximize the use of resources available to you.
- Work life balance; Make out quality time for the people you love and the things you enjoy.
- Assemble a formidable team.
- Hugely cut down on expenses, Closely monitor your cash flow; Know your revenue, gross and net profit.
- Find a community of like-minded, credible entrepreneurs like yourself; you can learn and seek advice from within that space, they can also serve as a good support system.
- Become more involved in the various aspects of the business.
- Spend less time trying to show off your business to everyone, instead invest time in talking more directly to your customers.
- Engage in more cash transactions or businesses that encourage quick turnover; this is not a good time to have a lot of people owing your business money.
- Be optimistic.
- Invest in self development.
These tips continue to play a major role in growing my business, I hope you find them helpful .
The Biznessvirgins blog is offering an online business course to help businesses grow, it takes off February 20th , 2017, Interested applicants should send an email to biznessvirgins@gmail.com.
The course will be offered FREE, However to be a part of the class, a payment of N5000 as commitment fee is required.
This course is open to applicants outside Nigeria….
Do not miss out on the opportunity to make your business better this year.
I look forward to having you on….
Yours truly,
F.O. (The Entrepreneur)
