One of the last things you’ll ever want to acknowledge is that your business is failing. Yet since companies shut down every day, it’s best to try and first proactively save your business before selling it or closing it down. In order to do this, you must first sit down and make two lists: one which names all activities that are still going well and another, right beside it, which notes your key problems areas.
If you’re fully staffed with competent employees and your cash flow is good, you may still be able to turn around sluggish sales, even without letting go of any of your best workers.
Here are a few ideas that may help you revitalize your business and have it back in fighting shape within just a few months -- or by the end of your current fiscal year.
Review Your Strengths While Creatively Discussing These Key Management Topics
Gather together your various business advisors -- including your Peachtree City business attorney, accountant, banker and others – to help you decide if a short-term loan is necessary. If not, ask their advice on how you should carefully fine-tune your handling of each of the following business concerns.
Accounts receivable. Do many of your clients currently owe you money? Try to work out reasonable repayment plans that they can afford and see if you can’t increase your profits in this manner, will also trying to increase your sales;
New and more aggressive competitors. If one or more of your competitors are increasing their market share at your expense, carefully analyze what they’re offering that you’re not currently matching. Find a way with new marketing outreach programs to win back your lost clients while securing news ones, even if you must offer short-term discounts to win these people over;
Layoffs or other cost-cutting measures. Before letting key people go, consider alternatives like adopting a four-day week with extended hours. Also, give serious thought to paying off certain debts on your highest-interest business loans or company credit cards. Try saving money by just not replacing current employees who leave or retire – and maybe even try to reduce your travel budget by using more Internet conferences or webinars. Finally, consider renting out some space in your building to another business after having more of your employees share offices;
Offering fewer employee benefits. While it’s best to fully honor your outstanding commitments in this area, ask your advisors if you should start offering fewer benefits to new employees. Many companies remain highly competitive without offering tuition reimbursement programs, free memberships in local gyms, company cars, and computers;
Short-term pay cuts. If funds are running quite low and you don’t believe it’s time to require any layoffs, speak to your workers about offering lower wages for a set period of time, until the company’s profits rebound. Of course, you’ll need to honestly note that if business doesn’t pick up, layoffs may still become necessary.
To obtain help with handling all of your Georgia business planning needs, please contact Shane Smith Law today. You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.