What are the best small business survival strategies for entrepreneurs? How you keep your business from collapsing ? Well, I advise you to read to find out.
When it comes to business failures, business errors and business challenges; I bet I’ve written a lot on this corporate blog on these topics. Therefore, today I want to strictly consider the question of how to prevent the collapse of your business.
Statistics show that 99% of all businesses started up within the first five years. What now is the reason for such a level of business failure ? I cannot answer here because I explained everything in the previous articles; just check them out.
In this article, I just want to share with you how you can get your business off the 99% failure list; I want to share some tips on how to prevent your business from going down. If you’re ready to learn, here are eight ways you can avoid bankruptcy.
8 guaranteed ways to prevent your business from collapsing
1. Prepare for failure
“Prepare for the bad times and you will only have the good times.” – Robert Kiyosaki
Preventing your business collapse begins with you, the entrepreneur, because the survival of your business rests solely on your shoulders. Prepare for failure, but do everything in your power to avoid failure and you will never fail. One of the main reasons entrepreneurs fail is because they fear failure and fear of failure prevents them from trying new innovations in their business.
“Most people say the fear of failure is the start of hard work; this may be true in the world of employees and academics, but it does not work on the streets. When you fear failure, you become too cautious, and being too cautious is a prerequisite for failure. I believe the fear of failure is the start of failure. Entrepreneurs are not afraid of failure; they thrive in the face of failure. “- Adjaero Tony Martins
As an entrepreneur, I will tell you to prepare for failure when it happens. Preparing your mind for failure will help you quickly regain success when you fail. Another way to prepare and avoid failure is to continue learning how to start a business.
The business world is dynamic, so you don’t have to be static. After all, entrepreneurship is a process; journey, not destination. Use every free time to learn something and improve your knowledge; It will help your business in the long run.
2. Be careful with the decisions you make
I made the tough decisions, always with the results in mind. Maybe at one time America was run like a business. – Donald Trump
You are an entrepreneur and that makes you the pilot of your business. So, the survival of your business tomorrow depends on the decision you make today. So don’t make any hasty decisions; if you have any doubts about the decision you are going to make, discuss it with professionals and sleep on it. Even if that means seeking advice from outside consultants; do this. Advice from an experienced professional can prevent your business from failing.
“Before you make a big decision, get as much information as you can, analyze it carefully, analyze it and write the worst case scenarios. Add up the pros or cons, discuss them with your team, and do what your courage tells you to. “- Mafia manager
3. Keep track of your cash flow
The most important word in the world of money is cash. The second most important word is leverage. – Rich dad
Cash flow is the lifeblood of a business, and I guess you’ve heard it over and over. Always keep an eye on cash flow and work closely with your accounting department to maintain strong cash flow. Effective management of cash flow is the foundation for business growth.
Know that your numbers are the fundamental rule of business. – Bill Gates
Make sure your business is consistently getting cash flow, even if it means taking strategic action with your creditors, debtors, suppliers, customers, and investors. A business with poor cash flow management or persistent negative cash flow is just as good.
There is one paradoxical characteristic that every entrepreneur must have in order to be successful. An entrepreneur must be able to convince his debtors to pay their debts on time, and at the same time must tactically delay payments to his creditors. – Adjaero Tony Martins
4. Move your business quickly with a trend
In today’s fast-paced world, people who don’t take risks take risks. – Rich dad
On countless occasions, I have heard successful entrepreneurs say that the trend is a friend; not the enemy and I think it’s true. Your ability as an entrepreneur to quickly align your business with a changing trend can be a competitive advantage for your business.
A company’s ability to react to an unforeseen event, good or bad, is the primary measure of its ability to be competitive. – Bill Gates
Be quick to run your business with current or upcoming industry trends and innovations. Taking advantage of all the trends available can help your business keep pace and avoid setbacks. Remember, the trend is your friend.
Every business can choose to follow or follow new digital trends. – Bill Gates
5. Increase your sales and marketing budget
The goal of marketing is to make the buyer so well known and understood that the product or service is right for them and sells itself. – Peter F. Drucker
One of the stupid mistakes most managers make during a recession or a sales slowdown is cutting your marketing budget, instead of cutting your marketing budget, I recommend spending more on marketing. Instead of hiding, I would advise you to get into marketing and let your customers know that you will support them; at the same time informing competitors that you are still in the game.
Advertising is the main activity. James R. Adams
6. Build good relationships with your employees
We treat our people like royalty. If you honor and serve the people who work for you, they will honor and serve you. – Mary Kay Ash
Your employees are part of your business, so treat them the way you want them to treat your business. Surprise them every now and then by sending them an unexpected birthday present or acknowledging their extra efforts in front of other employees. If possible, reward and reward employees with outstanding results. This will encourage them and motivate others to strive for excellence.
By far the greatest asset of the business is people. It doesn’t matter whether the company’s product is a car or a cosmetic. The business is as good as the people it keeps. – Mary Kay Ash
7. Hire employees slowly, but fire them quickly
“If you have a butcher shop, don’t hire vegetarians. To hire the right people, you have to let the wrong people go. – Rich dad
Hire the right people for sensitive jobs. You will know these are the right people after you test them. Never compromise the quality of your employees in the name of reducing costs; it will hurt your business in the long run. Another rule of thumb to avoid disruption to your business is to lay off employees quickly.
“There will be times when you have to be rude and even cruel to employees. Don’t worry about people speaking badly about you because of it. They are already there. But in general, try to be pleasant and helpful. Try to appeal to as many people as possible who work for you; oppose the smallest. Stroke! “- Mafia manager
Don’t hesitate to let the bad employees go. If you don’t get rid of them quickly, they will negatively affect other good employees or demoralize them with bad attitudes, and your good employees might inevitably leave.
You need to fire bad customers like you would a bad employee. If you don’t get rid of your bad employees, good employees will leave. If I don’t fire my bad clients, not only my good clients, but a lot of my good people will leave as well. Rich dad
8. Take care of your existing customers
There is only one boss; the client, and he can fire everyone in the company, from the president to the court, just by spending money elsewhere. Sam walton
Did you know that your customers are the greatest asset of your business? Your business will not exist without them. Analysis by marketing experts has shown that finding new customers requires more effort and resources than retaining existing customers.
Business is not just about making deals; the company offers great products, great design and great customer service. Finally, business is a network of human relations. – Henry Ross Pérot
If your customers abandon your business, will your business stay afloat ? I’ll let you answer the question. If you need to know; existing customers are the most important keys to small business survival. Handle them with care and they will tell you about the wonderful experience you gave them.
Polite treatment will turn the buyer into a traveling advertisement. James cash penny
One of my small business survival strategies when starting a startup was to stay loyal to our customers. My team and I have developed closer relationships with clients; provided excellent service and handled customer complaints with the highest priority.
Spend a lot of time chatting face-to-face with customers and you’ll be amazed at how many businesses don’t listen to their customers. – Henry Ross Pérot
We did it because we knew what it meant to lose a client, and what’s more; our competitors were looking for an opportunity to poach our customers, so we had to be on the lookout. If you want to teach your customers how to be loyal and satisfied, the following articles will help you.
Customer service will be a major added feature in every business. Bill Gates
I believe that with these few small business survival strategies you can prevent your business from going bankrupt. Always remember that your chance of failing or being successful in business is entirely up to you, so be careful.