Alexandoy
VIP Contributor
In my experience of business there were many things that I have learned. One of those important matters in business is the failure. I was in the denial stage at first because I still had my savings to aid the cash flow of the failing business. I only quit when I had to borrow funds for the added capital.
If I would have a business again and the same failure would happen I can probably resuscitate my failing business by selling an asset like a car or a property that is not being used. Maybe my wife can lend me her jewelry to sell or pawn in a pawnshop. But most of all, the first action is to plug the hole of the problem. If the customers are getting fewer then a campaign for buyers has many ways – going on sale, giving freebies or even hiring an advertising firm to help me out. I will also ask a consideration from the suppliers to give me a discount and a longer credit line. If you were in my place, what suggestion can you give to a failing business?
If I would have a business again and the same failure would happen I can probably resuscitate my failing business by selling an asset like a car or a property that is not being used. Maybe my wife can lend me her jewelry to sell or pawn in a pawnshop. But most of all, the first action is to plug the hole of the problem. If the customers are getting fewer then a campaign for buyers has many ways – going on sale, giving freebies or even hiring an advertising firm to help me out. I will also ask a consideration from the suppliers to give me a discount and a longer credit line. If you were in my place, what suggestion can you give to a failing business?