Your company is failing, and you have no idea what’s going wrong. You’re not a lone statistic: after a period in operation of at least 10 years, only 30% of all the businesses in the U.S. continue to survive.
Still, if you have the motivation and the willingness to face the unpleasant facts head-on, your dream might live on. You could stop your company’s downward spiral with these fundamental steps:
1. Identify the Problems
First, you’ll need to figure out what is going wrong. An outside viewpoint can almost always pinpoint a few key areas that need improvement.
If you don’t already have a strategy for collecting customer feedback, consider making one. Engage those with negative comments, which will both give you a better understanding of their opinions and build a valuable business-client relationship. Talk to your employees. They often see critical flaws in the process, but may not be comfortable bringing them to your attention without an invitation.
Often, the tricky part is staying objective. You owe it to your company to listen, and you shouldn’t take it personally.
2. Consider Professional Coaching
Depending on how fundamental your company’s problems are, you may have to go back to square one to find the solutions. While you may be a gifted innovator, you might not have that “instinctive business sense” that you see in other entrepreneurs.
Have you ever managed a workforce before now? Do you know how to hire the right people and communicate your objectives clearly and effectively? Do you know about supply, demand and corporate finances?
If you feel entirely lost, consider turning to the professionals; a little innovative consulting could help you get back on the right track.
3. Enlist Your Team’s Help
Once you’ve identified the fundamental problems and developed a strategy to handle them, it’s time to gather your most vital resource: your team.
Start by enlisting their help and make building a better corporate culture one of your priorities. Share your values, goals and ideas for getting your business back on track. Be specific about how you can all work together to help the company improve and foster a sense of team spirit.
When employees take pride in their work, they often develop an emotionally vested interest in the business’s success. This satisfaction can be a strong motivation that could yield outstanding results.
Learning how to separate your individual self from your business entity can be extremely difficult, especially after you’ve poured your heart and soul into its creation. However, if you dare to learn from past failures, your company could emerge even more robust and last long into the future.