How to rejuvenate a failing business? Advise from a Financial Expert
Running a business means maintaining a very delicate balance between all the different operations of your business. If you own a clothing line for example, you must be aware of your supply chain at all times, and at the same time you must know what is happening in your stores as well as how well your marketing campaigns are doing. You must have in-depth knowledge of your business in order for you to exert complete control over it.
According to Faisal Imran Malik - Barrister at Law from the UK and turnaround specialist of great renown - Financial independence is one of the most essential factors influencing the growth of a business. A good accountant could turn almost any business around to make a profit with nothing more than a good financial manager. That is not to say that cost-cutting is the way to go. In fact, a lot of financial experts warn against needlessly cutting costs without strategizing first.
Cutting costs more than is necessary can end up demotivating your employees and making some aspects of your business more excruciating than they have to be. This can end up costing the business a lot more in terms of growth than it would cost the business financially to carry on their operations as usual. In order to help young entrepreneurs make the best decisions regarding their business, financial advisor Barrister Faisal Imran Malik (Former CFO of PIA) has compiled the following list of things that businesses and individuals can use as a guide to reviving their business.
Hire a Financial Expert
A financial advisor is usually an accountant fluent in running the finances of a business. Financial experts often offer their consultation services to businesses and individuals who need help figuring out their finances. In the context of businesses looking to grow beyond their limitations, a financial expert can help you strategize for the future. If you hire a financial expert with any experience in turnarounds, they would most likely have a list of strategies focused solely on rekindling a dying business. Such financial experts can be hard to come by, but the right advisor can help you turn your business around quite effectively.
Analyse your Business
After you have hired a financial expert that fits your needs, you need to seek their help in breaking down your business to its barest essentials. By scrutinizing every aspect of your anything, one can usually identify problems more easily and find an effective solution. The best course of action would be to start by looking at your past performance as it is usually the best indicator of what could be wrong. Doing some market research alongside could give you enough information to tell you whether it was your products or services that were at fault or your target audience that didn’t resonate with your brand.
Reevaluate your goals
Now that we have a good idea of what is going on within your business, you can seek help from financial advisory services to reevaluate the goals you have set for your organization. A good financial consultant can help you identify the parts of your business’s operations that need to be changed in order to streamline your business further. Sometimes, it takes an outside perspective to visualize the bigger picture, as our own perspectives can be quite subjective when analysing a situation we are emotionally involved in. By setting achievable goals and coming up with a roadmap for achieving them, we can motivate outselved by getting rid of uncertainty, which will help us move forward with less fear.
Market your Business
Once you have set new goals and finalized the direction you want to take, you start marketing your business accordingly. Rebranding is often an opportunity to reinvent yourself, which gives you a chance to reach people that would previously not have been interested. With the help of a marketing firm, you can come up with strategies to reach and engage with the most amount of people possible, and with a newer understanding of you audience, you are sure to have an upper hand!
Learning from your mistakes
Lastly, an essential skill that a lot of entrepreneurs lack is their inability to see mistakes as opportunities. Every time we fail, we learn something we hadn’t thought of prior, and it represents a unique opportunity for growth. A person that can look at their shortcomings as an important step toward self-realization can look at any seeming failure and spot a few lessons that could help them overcome that obstacle in the next go. This skill is essential to the survival of any startup as it grants you the ability to constantly better yourself.
In conclusion, reviving a business is a lot of effort. In most cases, the organization has to be restructure top-to-bottom. This restructuring has to be done after careful consideration and most likely with the help of a professional financial consultant. Hiring a financial expert can give you an upper hand as you will have access to insights from someone who focuses on solving the problem that you face. Ultimately, however, the improvement of your business depends mostly on yourself, and how disciplined you are.