Let's explore how to save a failing business. This video covers the four steps that you must take if you want to turn the business around and prevent it from dying. The only assumption is that you have a functional business with some revenue coming in each month.
The first step is to focus on the numbers. This is important, because you need to determine your revenue, expenses, assets, and liabilities in order to make important decisions in future steps.
The second step is to find the healthy business that is living inside of your struggling business. If you're doing anything right at all, odds are there are one or more aspects of your business that are actually working very well. So the goal of this step is to identify what is working and what is not working.
The third step is to take bold and decisive action to simplify the business. This is critical because it's very tempting to fall into the trap of only making minor changes, and it's that kind of indecisiveness that ultimately kills a business. So we must take action to transform the business.
The fourth and final step is to promote a compelling new vision for the business. This is important not only to focus the team, but also to get clear on exactly what you will do to stabilize and grow the business moving forward.
Watch the video for more details on how to complete each step.
Best of luck in saving the business.
Content by Rick Kettner
Produced by Kyle Trienke
