IF you are in a hole don’t be afraid to ask others to help you dig. Running a business is hard work and many owners are resistant to change and normally believe they can muddle through themselves.
However, if your company is struggling don’t be a Mr Muddle as your business could fail. Nor a Mr Stubborn, as doing nothing about your problems will only turn you into Mr Grumpy. Be a Mr Noisy, Mr Clever and Mr Brave, all rolled into one – call for help.
Seek professional guidance and that way you will be able to draw up an action plan while implementing much-needed changes. Get rid of areas in your business that no longer work. Change the financial accounting perhaps, to make it easier to see what is going on while managing the accounts.
Keeping up staff morale is important too. Have regular meetings to let them know what is happening. Get their feedback and embrace their ideas. They could help the company get back on its feet.
Without making significant changes, some companies will not see out the continuing financial problems. Try and cut costs. Look at your firm’s insurance profile and see whether it will be possible to alter your payments to your advantage after an assessment, perhaps where managing levels of risk could lead to fewer claims. Then, even with a fall in turnover, you could still improve profitability. That way, you will end up as Mr Happy.