CLEAR SIGNS OF A DYING BUSINESS

Is your business not bringing in the volume of business it was six months ago? 

Even though you are managing your business the same way, has business suddenly dropped? Is the old 'it's just that time of year' excuse wearing thin? If so, then your business may be dying right in front of you. Recognizing the signs early will help you salvage your small business and get you back on track.

1. Orders Are Down

If there has been less demand for your goods and services for more than a month and it is not during a regularly slow time, then you may have lost customers. You will need to rethink your marketing strategy in order to retain your old customers and to also attract new ones.

2. Customer Inquiries Are Down

If clients are not contacting you as much about new projects, or if customers are not contacting you asking for additional information, then you may be in trouble. If your business is lacking people’s interest, then you should find out why. Send out a questionnaire or poll to your existing customers and clients. Ask them about previous services, and what they want to see in the future. Then implement it.

3. Trying To Sell Products That Are No Longer Popular

Unfortunately, you must follow customer demand continuously in order to stay in business. You will need to constantly research new ideas, products and rising trends. For instance, there is no point being in a typewriters servicing business when people now use computers everywhere. It is best to drop companies and products that are no longer profitable and find new ones that will be.

4. Decreasing Income Each Month

If you see a significant drop in income each month, then your business may be in trouble. This may be for several reasons. Either you are not attracting enough customers any more or you are spending too much money on your business overhead. In order to save money, make improvements that are absolutely necessary. Find and invest in cheap and effective advertising.

5. Spending More Money than The Business is Earning Monthly

If you are spending more money than what you are earning each month, then your business will be upside down by the end of the year. Cut back on your spending and begin re-investing profits back into your business. Do these for 3-6 months till your business attain stability.

6. Wasting Time

The key to any successful small and starting business is spending time in the areas that will be the most profitable. You should be tracking where your business is coming from so that you can spend most of your time marketing there. While it is good to try new areas, make sure you have a steady stream of customers before venturing into new territory.

7. Dreaming, Instead Of Acting

Dreaming about the success of your small business will not make it successful. You must know everything that is going on and making changes when necessary. Dreaming will not sustain your business, but your action at making everything work will keep your small business from dying.

Do you have more signs you want to share? Leave it as a comment for others to learn. 

Also read: How to Revive Any Dying Business, Levelling Up, Risks and Rewards of Entrepreneurship, Keep Believing in Yourself, Planning Ahead and Creativity is worth millions

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