ln my own opinion the only way that the business owners can bring the dying businesses lively again is through seeking for loans to revamp the business.
How do you revamp an almost collapsing business?
- Thread starter Stardom22
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Basically, I agree with your opinion, but we don't need to rush to take out a loan, we should first carry out an evaluation and look for the causes of the problem why the business almost went bankrupt, starting from production, product quality, marketing strategy and you also need to evaluate costs. and expenses.
Taking a loan without understanding why the business went bankrupt in the first place is just scratching the surface and it would still go bankrupt again, and this time, it would be with a burden of a loan to pay back.
Most businesses that are collapsing is actually due to lack of fund or lack of patronage. A dying business need fund to resurrect. With fund, you can rebrand, relocate and restrategize. Once, there is fund, any collapsing business will bounce back.
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After getting the capital you still need to put various plans in place as well such change of logos and the likes if needed.
I love the way banks and financial institutions operate. They won't give loans to businesses that are dying. Businesses that are dying need strategy and not loans.
You have to take steps to address those issues that caused the collapse It could involve reaching working on all aspects of the business
