Your advice here .
- Thread starter Mikky
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- #3
That's good, handling over the business into good hands is also a better option. How about a situation where the admin isn't ready to sell of the business rather he want to reshape the business reputation in to a good one?
Finding the answer to this question requires more key information otherwise we will be just singing here.What are the ideologies of the business,what impact will it cause to the population it serves if it were to collapse,what has lead to it to crumble?
Answering those answers will help in positioning the business in the right state and making the best decision.We have to take note that the only way to expand the business if it already has the money is critically dissolve everyone who does not believe in the business.So restructuring management is key,also ensure that there is enough capital reserves or funding is mandatory.
Answering those answers will help in positioning the business in the right state and making the best decision.We have to take note that the only way to expand the business if it already has the money is critically dissolve everyone who does not believe in the business.So restructuring management is key,also ensure that there is enough capital reserves or funding is mandatory.
You need to consult someone who knows your business. Most businesses fail because of a lack of funds, you should take a loan or a sponsor for it. Also, you need to check the demand for your services/products in your area.
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- #8
I don't really advice taking loan to start a business but here it will be a better option to support a crumbling business.
Your points are more enough to help a crumbing business realize what went wrong and how to come back strong.
Mistakes can be corrected depending on how grave it is. I think patience and a new strategy will be needed.
If a business is about to crumble then what advice we can give and the owner should look at the things he should have worked on because earning can never stop and if the owner is winding up a company then he or she will start another company soon and they should make it necessary that they don't repeat the same mistakes again and do well in their next
That's right, if the mistake isn't intentional you can correct that mistake right away before it escalates to customers and feel negative.
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- #12
Taking loan to assist a business is okay for me, that means the business have some potentials.
A mistake that is been repeater over and over again is not a mistake anymore...your right they need to try something new.
Some mistakes are really weird in nature because the moment you make one others will keep popping up
Yes I agree with what some people here have said. That is, to give reigns of the business to someone else. Try selling the business before it loses all of its value. And perhaps try to strike a deal with the new owner, such as a partnership, wherein, the decisions, risks and profits are shared between the partners. This comes with the advantage of better experience of the other owner and perhaps better funding by the other owner too.
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- #14
You're also right about forming a partnership to assist a crumbling business, let take for example although it isn't a perfect one : Facebook bought Instagram not because the former owner couldn't manage it well but I think mark noticed Instagram might later overshadow his facebook so he bought it up. Same to can be applied to a crumbling business.
The best solution then is to quit or change its name. There are names that give good luck, or change its location.
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- #16
Exactly, there was a bank here that do have a bit bad reputation but join venture with another bank, as expected things worked out. Changing location is also a good move to assist a crumbling business but it will be better if the location is changed and also the name at the same time.
It is just best to negotiate a merger or outrightly sell the business. Some people prefer to drown with the business and that's not the right thing to do.
