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Learn How to Save a Failing Small Business - NOW!
This article carries on from Part 1 how to fix a business that is failing. In fact, if you missed that article. Go back and read it before reading this article. This article covers the final 3-steps you must take to turn your business around entirely.
With help from World Renown Multi-Millionaire Mentor - Grant Cardone, otherwise known as the "turn-around king", the Founders of Sirius Design Group reveal some commonly missed, but astonishing secrets of turning your business completely around. That's right. You're going to go from crappy to happy with your business...if you actually apply them!
Step 4 - How to Save a Failing Small Business: Sell Your Staff
If you want to know how to save a failing small business fast, Grant Cardone says, start selling! No, not to clients. Your own staff. If you question this, go back and review step 1 in our last article. Almost always, with failing businesses, staff morale is at an all time low.
A True Leader is a Dealer in Hope.
To deal some hope to your staff, you need to reconnect with your vision and purpose. Why did you start down this venture and this business in the first place? Then, after you've reconnected to it, call a "staff meeting" and begin taking action to restore morale.
Examples of this could include standard management style "ice-breakers," team-building exercises, and so on. From there, you need to sell them again. Sell them on your company. Sell them on your business. Get them on helping you! If you are using your time and strategies effectively, you should see a real quick turn-around and a much more positive working environment.
Internet Entrepreneurs - The same applies to you!
Internet Entrepreneurs looking how to save a failing small business need to understand the same rules apply. Start enlisting some help, seek out a good mentor. In fact, mentorship alone is said to more than triple your chances of success! Furthermore, ensure you select a mentor who is already where you wish to be! A person would never seek advice from a plumber to fix a broken leg!
As an Internet Entrepreneur, you'll need to reconnect to your vision and purpose, and then begin searching for advice. Do not be problem focused, be solution focused. There is a solution to every problem.
If you have outsourcers that prove unreliable, fire them and find new ones! Sales dropped? Check your ad campaigns for ad burn out. You may need to revamp your traffic campaigns, adjust your traffic spend, and alternate traffic sources. As Certified Google Partners, our traffic and Internet business model meet the latest in industry standards, so if you do need some assistance with your traffic you can contact us anytime for guidance!
Step 5 - How to Save a Failing Small Business: Never Take your Eye off the Cash!
Entrepreneurs can get complacent when the passive dollars start rolling into their bank accounts. One of the least talked about secrets in Entrepreneurship is misappropriation of funds. This includes everything from embezzlement to mismanage of company account and spending. Businesses are not charities, we are in business to make a profit! But when the profits come rolling in, and complacency starts you need to get back in the game and keep a very close eye on your dollars and cents.
Next, instead of focusing on losses, start focusing on this question, and constantly turn it over in your mind, day and night: "how can I increase and maximize our profits?" This shifts your attention away from the current state of affairs, and directs your mind power toward solution oriented thinking, behavior and results.
Furthermore, constantly think about how to expand, evolve and grow your company to the benefit of your market. Do this by always focusing on giving your customers more in use value than you receive in cash value.
How do we practically apply that?
For example, if you are an affiliate marketer, instead of trying to nickel and dime your customers, charge them $39.00 per e-book instead of $97.00. By making your e-book high value/low cost, you've just taken a massive action on how to save a failing small business, practically applied.
While the results you need RIGHT NOW might be large, in order to turn your business around; often it's only very subtle changes we need to make to our thinking, and our actions in order to effect massive change in our results.
If you have a little cash to spare, hire an auditor to review your financials and make recommendations on how to "trim the fat." If you have no cash to spare, then you've likely neglected to manage your money properly from the start. In that case, we suggest you start looking at further funding sources in order to assist you temporarily while you follow these 6-steps.
Always keep your eye on the prize! Never Quit!
Step 6 - How to Save a Failing Small Business: Encourage More Risk!
Wow. You just said encourage more risk? My business is in the skids, and you want me to encourage more risk? Are you crazy?
We are not crazy. Here's why...Fear can be very motivating.
According to Grant Cardone, Fear is invigorating. You see many people try to "run away from fear" and "run away from challenges" in their lives. So your business is soggy, so what? Again, this goes back to our first step - correcting your attitude. Attitude according to our late mentor Earl Nightingale, is the sum composite of thoughts, feelings, emotions and behaviors that we exhibit on a consistent basis.
When We Change The Way We Look at Things, The Things We Look at, Change.
In over 5-years of business together with being mentored by some big hitters like Grant Cardone, Tony Robbins, Bob Proctor, Jim Pattison, we've seen what works and what simply doesn't work. Encouraging more risk reinvigorates the company, creates a buzz with employees, and very often repels competitors. This is what makes a winner, a winner. They are not afraid. Entrepreneurs are not afraid to lose.
In fact, the long-term key to success is to stay calm and level-headed.
Where you are right now, is not, and will never be (unless you choose to stay stuck) where you stay. Moreover, life always rewards us for having Faith and Persistence. Entrepreneurship is a persistence game, and the biggest favor you could ever do for yourself in this industry - is to stay the course. Be determined to succeed, and you will.
See you at the Finish Line!
William and Eva
Founders of Sirius Design Group
#inspiretofreedom on instagram