If only business managers, entrepreneurs and business owners know how to repair their business, the alarming rate of business failures would have dropped down. But it is rather amazing how businesses fail gradually and finally we’re told, “The business has closed down.”
The first thing we have to understand is that business failures don’t happen accidentally. Business failure is a result of a process. There’re mechanisms that lead to business failures. And you can clearly see that a business is failing if you know the mechanisms.
First of all, a business is simply an entity that profits by serving customers. The more the profit margin and the proper utilization of profit accrued from business operations the better and stronger the business will be!
But this is not always like! Many businesses are struggling, failing and on the verge of collapse. To get eth business back on track, there business has to be repaired and refixed. Well, here are 5 simple ways to repair a failing business.
- Understand that business is a system
A car is a system of systems. There are brake systems, fuel systems, exhaust systems, engine systems and many others. The human body is a system of systems: we have the digestive system, the respiratory system, nervous system and many other systems.
You have to also realize that a business is a system of systems. There are sales systems, marketing systems, customer service systems, operations systems, inventory systems, accounting systems, bookkeeping systems, legal systems, management systems, payroll systems and many others.
Business failure starts when any of the system in the business begins to malfunction. For example, if your marketing systems are not working well, you’ll not be generating leads. If your sales systems are weak, you’ll not be converting the leads into customers. And if your customer service systems are weak, you’ll not take good care of your customers! So find out which system in your business is failing!
- Analyze the business system that is failing
Business failure is simply a systems failure. You also have to know that a business is a system of interrelated systems run by a team of people, working in perfect harmony to serve the customers and generate profit for the organization.
So anytime something is going wrong in your business, ask yourself, “Which system is failing? Which system is malfunctioning?” Sometimes, it may not be that your system is weak. It may also be that a system is absent. For example, if you’re not getting prospects, it means you have no marketing systems in place running in your business.
- Analyze if you have the right accountability for the system
Sometimes, you can have good business systems, but the people running the system might be weak. In business, you don’t need people, you need the right people. It is much easier to run a business if you have the right people in place.
And who are these right people? The right people are basically people who have good moral ethics, core values, shares the passion of the business, possess the requisite skills and knowledge to run a particular systems operation in the business.
Sometimes, you can have people with knowledge and skills, but their core values are rotten to the core. If you have these people in your business, your systems may not work properly because the wrong people are running the systems operations.
- Seek expert advice and guidance
You also have to know that business is not an island. Business is a team sport. People who run their business alone without seeking expert advice and guidance get nowhere. So you have to seek expert advice and guidance to deal with the issues in your business.
If you have a marketing problem, seek a marketing consultant/expert. If you have a sales problem, seek a sales expert. If you have a management problem, seek management consultants. If you have accounting problems, seek accounting professionals. Build a team of experts to always seek expert advice from in order to handle everyday business problems.
You also have to make sure you don’t become dumb. The business belongs to you, not your consultant. So you have to think through, analyze and evaluate an expert advice before putting it into action. That’s what to do! You must ask a lot of questions until you have clarity of thought!
- Develop a plan of action & execute it
After you seek expert advice from others and do your own studies, you have to develop a plan of action and execute it. Convert the expert advice into practical steps that can be taken to deal with the business issues and make the business successful.
The word “repair” means that the pairs have been removed or set apart. So you have to re-pair them. By developing a plan of action and executing the plan, you will begin to repair any business systems failures. Before you realize, things will be working well and everything will be on track.
After executing your plan, be sure to also evaluate your results to see the effectiveness of your plan. By using these 5 simple ways to repair a failing business, you will begin to make your business stronger and stronger, before long your business will be on track and booming again!
About the author:
Francis Sabutey is the Founder and CEO of Think Expand Limited, a digital marketing and business development company in Ghana. He is a digital entrepreneur, digital marketing & business blogger, digital strategist & trainer, content writer and an author. His core value for delivering his professional services is simply delivering “excellence on time!”