How do you go about the management of losses in your business?

[Stardom22]

It's evidently that every business that operates under the sun is subjected to the loss making. So as the business manager how do you normally go about the managing of the losses incurred in the business?

 

[eLdavis]

I have experienced a few losses before and it is not a pleasant thing to experience. The best i can do is learn from it so i don't make that same mistake again.

 

[wisdom01]

I have experienced a few losses before and it is not a pleasant thing to experience. The best i can do is learn from it so i don't make that same mistake again.

That is such a wise and strong way to see it. Those tough lessons are like stones in your path, but you are using them to build a stronger foundation. Your resilience is truly admirable. Keep that spirit, it will carry you so far.

 

[Fire&Rain]

Losses happen, even in well run businesses, so I try not to panic when they show up. First thing I do is look at what caused the loss instead of blaming luck. Was it pricing, wastage, or slow sales? Then I cut unnecessary costs and adjust fast. Treating losses as lessons helps me recover quicker.

 

[Augusta]

Restructure your Business.Focus on retaining, regaining, and Attaining to Customers.Leverage external financial Expertise.

 

[wisdom01]

Restructure your Business.Focus on retaining, regaining, and Attaining to Customers.Leverage external financial Expertise.

sounds like smart advice for any business really. take care of the customers you have first. and asking for money help from people who know better is never a bad idea. it feels like a clear plan to get things moving in the right direction again.

 

[Springtime]

If the business is making a loss, it should identify the cause and take actions to reduce loss such as cut costs, expand sales.

 

[neku]

Reducing business expenses, and increasing sales, business revenues is the only logical way to manage or reduce losses, though it is very difficult for some to increase online sales.

 

[Suba]

I've failed/gone bankrupt twice running different businesses: first because the product was outdated and the market accepted it too badly, and second because I targeted the wrong customers. So, if a business is no longer viable, it's best to close it down immediately to minimize further losses.

 

[neku]

Liquidating the inventory of a business before closing it remains a major challenge especially for domain investors who have invested a very large amount of money in domains.

 

[Fidelia]

There is nothing much to do when you experience a loss in business. You have to reassess what caused the losses and see how you can make adjustments to avoid it.