How to Revive a Failing Small Business

Do you ever feel like you want to close the doors of your small business for good? Well, you are not alone, and giving up shouldn’t necessarily be your first option.

Many successful businesses we look up to today have been there too. Sales hitting rock bottom, the business itself sinking deeper and deeper into debt, auctioneers at your doorstep, impending bankruptcy, you name it. But you know how they all weathered the storm? It’s simple. They never called it quits; they acted.

Understandably, watching helplessly as your small business falls apart can be really frustrating and, out of desperation, many of us end up making unwise choices. To revive a failing small business, you’ll need to do more than the obvious tricks like re branding. So, keep reading to learn how you can breathe new life into your small business.

Innovate


Markets, people, and technology all change. What’s relevant or trendy today isn’t guaranteed to stay the same. Your business, too, should change in order to adapt to the ever-changing world. Choosing to focus on today’s marketplace without anticipating the future is what made known companies such as Eastman Kodak, Motorola, Sony, and Yahoo lose their edge. Experts call it the strategic trap.

There’s also the psychological trap, where leaders or business owners focus exclusively on what made the business successful and fail to adapt to new changes. Also, not investing in your equipment or other systems that run your company is another way many businesses end up losing on new and relevant investments.

Put simply, if a business doesn’t innovate or resists innovation, chances of it failing become high. At one point, all the companies on the list dominated the market in their respective fields; the great lesson any small business owner can learn here is to never make the same mistakes they made.

Adapt to new changes, innovate your products and services, and also, rather than trying to deal with everything on your own, listen to your friends, family, employees, and business partners. Invite them to share any ideas that could help revive a failing small business.

Develop A New Marketing Plan


Marketing is one of the few elements that can either make or break your small business. Did your previous marketing strategy deliver good results? If no, then it needs to be refreshed.

Small business expert Melinda Emerson lists the essentials of a good marketing plan as follows:

  • Market research
  • Target market
  • Positioning
  • Competitive analysis
  • Market strategy
  • Budget
  • Metrics

Each one of these items matter in turning around a failing company, but I think knowing your target audience is one of the biggest factors. Try to understand them by obtaining all the essential information that you can about them. You can speak to them directly through email or social platforms, and request them to share feedback on your services or products, plus any other suggestion(s) they may have. Also use creative and productive ways such as personalized video marketing to convert them.

Look For A Business Partner


It’s true that two heads are really better than one, and this can manifest itself if you can find a partner who will bring in fresh ideas or can invest capital in the business. A partnership can expand your network, business offering, and customer reach. When looking for a business partner, always narrow it down to people or businesses whose values, mission, and style complement yours.

Take New Risks


Facebook founder Mark Zuckerberg was once quoted saying that the only strategy guaranteed to fail is failure to take risks. If you hope to experience solid growth in your small business, forget about waiting for success to happen on its own. Go for it.

What that means is you should not just confront but embrace risks and leverage them. It can be daunting at first, but then again, you will never access the good opportunities out there if you never try. This also doesn’t mean you should just take any risk that comes your way. It’s best to evaluate the potential gains and setbacks before making any decision.

You can start by taking smaller risks. If there are gains, this will improve your confidence, and if things don’t go as you expect, the setback won’t necessarily be huge. Also whenever you take a risk, implement your plan fully and pursue it until you reach the final stage.

To sum up, one uncomfortable thing every business owner or leader has to live with is that no business can be healthy all the time. There will always be wins and losses. There will also be turbulent times threatening to strip all your hopes away, but if you choose to innovate, refresh your marketing plan, scout for a business partner, and take on more risks, you will rise again, you will achieve growth, and also reach profitability.

24 Replies to “How to Revive a Failing Small Business”

  1. You made some first rate factors there. I regarded on the web for the problem and located most people will associate with with your website.

  2. I enjoy, result in I discovered just what I used
    to be looking for. You’ve ended my four dayy long hunt!
    God Bless you man. Have a nice day. Bye

  3. It’s a shame you don’t have a donate button! I’d without a doubt donate to this
    superb blog! I guess for now i’ll settle for bookmarking and adding your RSS
    feed to my Google account. I look forward to new updates and will share this site with my Facebook group.
    Chat soon!

  4. Definitely believe that that you stated. Your favourite reason appeared
    to be on the net the easiest factor to remember of.
    I say to you, I definitely get irked even as people think about worries that
    they just do not recognize about. You managed to hit the nail
    upon the top as well as defined out the entire thing with no need side effect , people can take a signal.
    Will likely be back to get more. Thanks

  5. I enjoy what you guys tend to be up too. This kind of
    clever work and coverage! Keep up the awesome works guys
    I’ve added you guys to my blogroll.

  6. I’m extremely impressed with your writing talents and also with the format
    in your weblog. Is that this a paid theme or did you customize it your self?
    Either way stay up the nice quality writing, it’s uncommon to look a nice weblog like this one these
    days..

  7. Great site you have here.. It’s difficult to find excellent writing like yours these days.

    I really appreciate individuals like you! Take care!!

  8. Howdy, i read your blog from time to time and i own a similar one and i was just
    curious if you get a lot of spam feedback? If so how do you reduce it, any plugin or anything you can advise?
    I get so much lately it’s driving me insane so any support is very much appreciated.

  9. An outstanding share! I’ve just forwarded this onto a colleague who had
    been doing a little research on this. And he actually ordered me breakfast due to the
    fact that I found it for him… lol. So let me reword this….

    Thanks for the meal!! But yeah, thanx for spending the time to
    discuss this topic here on your web site.

  10. Way cool! Some very valid points! I appreciate you writing this post plus the rest of the site is really good.

  11. There is certainly a great deal to learn about this issue.
    I like all the points you’ve made.

  12. Wow, awesome blog layout! How long have you been blogging for?
    you made blogging look easy. The overall look of your web
    site is great, as well as the content!

  13. Simply wish to say your article is as amazing. The clearness in your post is just nice and i can assume you are an expert on this subject.
    Well with your permission allow me to grab your feed to keep up to date with forthcoming post.
    Thanks a million and please continue the enjoyable work.

  14. Hi friends, its wonderful piece of writing regarding educationand entirely explained, keep it up all the time.

  15. I have been browsing online more than 2 hours today,
    yet I never found any interesting article like yours.
    It’s pretty worth enough for me. In my view, if all website owners and bloggers made good content
    as you did, the net will be a lot more useful than ever before.

  16. Heya i am for the first time here. I found this board and I find It truly useful & it helped me out much.
    I hope to give something back and aid others like you aided me.

  17. We are a bunch of volunteers and starting a brand new scheme
    in our community. Your web site provided us with helpful
    information to work on. You’ve performed an impressive task and our entire neighborhood might be thankful to
    you.

  18. Thank you for every other fantastic post.
    The place else may just anybody get that kind of info in such an ideal method of writing?
    I’ve a presentation subsequent week, and I’m on the look for such information.

  19. Great article! This is the type of information that should be shared around the internet.
    Disgrace on the search engines for not positioning
    this post upper! Come on over and discuss with my site .
    Thanks =)

  20. Very rapidly this site will be famous among all blogging and site-building people, due to it’s
    nice posts

  21. Great goods from you, man. I have take note your stuff prior
    to and you are simply extremely magnificent. I actually like what you have got right here,
    certainly like what you’re saying and the way by which you say it.

    You make it entertaining and you continue to care for to
    keep it smart. I cant wait to learn far more from you. This is really a tremendous
    site.

  22. Quality posts is the important to be a focus for the viewers to pay a visit
    the site, that’s what this website is providing.

  23. Hurrah! Finally I got a weblog from where I know how to
    in fact obtain helpful data concerning my study
    and knowledge.

  24. Rattling nice design and fantastic content, absolutely nothing else we require : D.

Leave a Reply