If there is any way for the mistake to be worked on and rebrand the business, I believe that it should be the right thing to do but if such option is not available, it is best to close down the business and open another one.
Your advice here .
- Thread starter Mikky
- Start date
If the reputation of your business is seriously damaged due to a mistake, you should take the responsibility. Admit the fault, make an apology and make sure you do something to fix it. Get advisors to help when necessary.
For me, the business owner should see if the company is still profitable. If not, it is best to close it before the situation becomes worse. Declaring brankuptcy is not a painful thing to consider if the company is not feasible anymore.
I think if the person does not want to sell it then taking action like a rebranding and apologizing to the public is one of the best ways he can use to redeem the image. Taking drastic action is important to have positive result.
It is always important to find out what the problem is. That is the best way to tackle this kind of situation because when you find the problem you can be able to find a solution.
The first thing is to find out what the source of the problem is. Then try to come up with a new creative idea. You can also ask for advice from a financial advisor
It is always a good thing to find legit buyers that pay on time. But then, it is not always the case. There are some buyers who tend to be greedy and changed the way of paying their suppliers.
That's the case, if you can be able to find someone who is legitimate enough to buy and pay on time then that'll be very good and a win-win situation.
The business owner should seek advice from those who are in the business for quite a long time.
Acquiring new skills and learning new things everyday is very important for anyone that wants to make tangible profit online. It may not be easy but with consistency it is possible.