If you are in business for a decade or so, no matter how small or big your business is, you might have experienced bad times.
Consider the below scenarios:
The Fast Food Vendor
the fast-food vendor observes a dip in business so he decides to spend less money on the inventory and keep the food for an extended time.
Now, the food tastes bad and he observes a deeper dip in the business. The result? An outdated fast food store which is no longer a business.
The Law Firm
Two important senior partners have left the firm and have joined a competition. So the firm has fewer clients now:
So it does not invest in researching the old cases and showing to the world that it is one of the best firms in their geography.
The firm’s edge is lost and even the existing clients decide to move on and hire their competition. It means even fewer clients.
The Software Company
The Software Company is observing slump in getting projects.
To cut the costs, it stops investing in training their people, running aggressive marketing campaigns and stops the increments of the Engineers even though they deserve to be financially rewarded.
Not only that, the company decides to layoff certain engineers which are of little use from a short-term perspective. Their whole staff feels frightened to lose the job and they start looking for other jobs.
Not only that, their people lose their zeal working on the ongoing projects.
The result? Ongoing projects are delayed, means delayed payments. They are losing their dependable people and the company has a survival problem to solve!
When there is a bad time, double your efforts. Instill a sense of better future from top to bottom in the team. If needs be, take finance at a little higher rates but keep the ball rolling.
Remember, killing the business is a no brainer. If you kill it, you lose for sure but if you keep the ball rolling then there are higher chances of making it thrive again!
It’s a time to be creative: infuse some funds, cut on avoidable personal expenses, instill more energy in the team, implement a new idea, think harder and identify new services that can help your clients and bring the revenue to your company. Don’t stop. Don’t break. Continue walking forward!
Keep in mind, change is a brook, but still better than demise.