What to Do with a Dying Business?

[Goldynn89]

There are many reasons a business begins to crumble, varying from internal factors like lack of capital and poor management to external factors like poor economic policies and natural disasters.

If you've ever dealt with such, you know it's not easy as a number of problems cam occur at once. What should a business owner do with such a business, especially when efforts are not yielding results after some time.

 

[eLdavis]

In a case where the business is dying, it would be best to first find out what is causing the business to fail and if there is a way it can be fixed. If the business cannot be fixed, it would be best to sell it or go into partnership with someone else.

 

[mrki444]

How long last closing business in your country? In my country it can last for 10 years.

 

[itsmejob]

The owner can start by assessing what has happened in the past. Check daily trend - and compare day-to-day activities. This will help him or her identify the root cause. After doing the root cause analysis, he can inject action planning. Attend as much seminars that will enhance his skills in managing a business focusing on how to re-gain the business.