These are troubled economic times. If that comes as a surprise to you, feel free to stop reading now. Most residential neighborhoods are littered with foreclosure signs. Workers lost their jobs in record numbers (which largely explains the countless home foreclosures).
Small businesses have been hit in a big way. Empty storefronts and offices are plentiful, evidence of the failure of many businesses. As businesses struggle to stay afloat, it is critical that they find ways to keep — or even expand — their customer base.
Be creative in finding ways to promote customer loyalty. If business is slow, allocate some time to contact your customers to thank them for previous business. Show your appreciation by offering customized specials on goods or services they have used in the past.
If your business is in trouble, revisit your business plan and look for ways you can restructure it to get you through the tough times. Be very precise about where your money and other resources are allocated.
If you need help, ask for it. Hire a business coach or consultant to help you refine strategies and find new ways of improving your cash flow. This usually proves to be money well spent.
If your best efforts can’t keep your business from hitting rock bottom, you may arrive at that undesirable point where you need to consider filing for Chapter 11 bankruptcy. Be certain you have the guidance of bankruptcy lawyers who have good track record of navigating the legal issues involved in business bankruptcy.
When you are out from under the pile of business debts you would rather have been able to pay, you can take a step back and regroup. There’s no law against starting over.
