Comments on: “My business is failing, but I’m in too deep to get out.”
http://burrelstreetwise.com/blog/2006/06/06/my-business-is-failing-but-im-in-too-deep-to-get-out/
Burrel's blog is packed full of news, photos, advice, style and health tips!Sat, 19 May 2012 04:29:20 +0000http://wordpress.org/?v=2.3By: Brian P. Croydon
http://burrelstreetwise.com/blog/2006/06/06/my-business-is-failing-but-im-in-too-deep-to-get-out/#comment-367
Brian P. CroydonSat, 10 Jun 2006 08:22:42 +0000http://burrelstreetwise.com/blog/2006/06/06/my-business-is-failing-but-im-in-too-deep-to-get-out/#comment-367My father always said five years is what it took to grow a new business. The first couple of years are all investment, the next two are break-even, and after that you get some gravy. Never give up too soon. Maybe you just need to buy more time. Have you thought about taking a partner on board?My father always said five years is what it took to grow a new business. The first couple of years are all investment, the next two are break-even, and after that you get some gravy. Never give up too soon. Maybe you just need to buy more time. Have you thought about taking a partner on board?
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http://burrelstreetwise.com/blog/2006/06/06/my-business-is-failing-but-im-in-too-deep-to-get-out/#comment-366
BurrelWed, 07 Jun 2006 15:12:49 +0000http://burrelstreetwise.com/blog/2006/06/06/my-business-is-failing-but-im-in-too-deep-to-get-out/#comment-366Tough one George, without knowing more about your business, but I suspect you need to make one last run at it, probably changing your business model. The businesses that survive are usually the ones that 'morph' into something completely different from the original concept. Talk to a good business turnaround consultant, and take a fresh look at things. For instance, do you need to rationalize your product line? Can you downscale and segment more tightly? Can you improve your service offering? Is your marketing really getting the bang for the buck you need? Can you diversify your revenue model (for instance if you are in catering can you offer catering schools, workshops, information products, training programs, webinars?) Are you using the web effectively to expand your client base? Could you move to a more 'direct sell' model? There are some great small biz support resources available, but you need to sit down with a radical thinker, and come at everything from a fresh, more innovative perspective. If this isn't possible, then probably time to shut shop.Tough one George, without knowing more about your business, but I suspect you need to make one last run at it, probably changing your business model. The businesses that survive are usually the ones that ‘morph’ into something completely different from the original concept. Talk to a good business turnaround consultant, and take a fresh look at things. For instance, do you need to rationalize your product line? Can you downscale and segment more tightly? Can you improve your service offering? Is your marketing really getting the bang for the buck you need? Can you diversify your revenue model (for instance if you are in catering can you offer catering schools, workshops, information products, training programs, webinars?) Are you using the web effectively to expand your client base? Could you move to a more ‘direct sell’ model? There are some great small biz support resources available, but you need to sit down with a radical thinker, and come at everything from a fresh, more innovative perspective. If this isn’t possible, then probably time to shut shop.
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