When a business bleeds one must determine whether it will take a band-aid to heal it or a major surgery. Every business has it’s day in the clouds and with storms on the horizon sometimes it can be even best to cut the wound off. Yet before an arm is lost here (below) are the steps one should take.
(1) How Much/How Long? – Determine how much you and your associates are willing to lose or a time frame in which you are willing to lose it under.
(2) Strategy of Operation- If sales are not going well maybe increase the staff to handle such work and/or spend more capital on marketing.
(3) New Stitch- Maybe you have to sell or service other items while you’re original cut is healing and cause additional revenue to come in.
(4) Bleed Out- You have to let the wound sometimes bleed out by cutting staff and/or services that just aren’t working.
(5) New Surgeon- It might be time to step down and allow your competition to take their own cut at least in a part of the business. This way you can focus on other assests.
(6) Cut Deeper- Maybe a partner or associate will take a deeper risk then others for greater ownership or benefits in the operations thereof.
(7) Unique Stitch- Could a non-profit entity help provide a different circulation to the business that you never could do yourselves?