DOWN but NOT OUT
If you haven’t yet declared bankruptcy, go hug your customers, pat your employees on the back, pay tribute to the business gods for getting you through a trying year in decent shape.
Being in business is not for the faint of heart. Many have slogged through the past few years with reduced sales, rising costs, dwindling margins, troublesome contracts and just plain old bum luck. What most companies share, in addition to a rising tide of red ink, is a spirit of perseverance in the face of adversity?
It is time to make up lost ground unless you’re a company in the business of going out of business. You need to first get your house in order. You need to understand everything that went wrong and try to right it. You need to seek help. The economy will improve and you need to be ready to take on new challenges. To make the transition to profitability you need the right formula.
You need to consider augmenting the business you lost. You need to find different, more experienced and qualified staff, you need to change your sales message, you need to manage your customers better, you need to find new customers, you need to change your focus.
It is time to find new ways to get to market better-faster, to look at re-vitalizing relationships with clients; and, most importantly, reacquaint yourself with what your sales team is doing.