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11/08/2017
The first thing you need to identify is why you’re operating at a loss. If you’re still in the start-up phase and you know it will take time to break-even then it’s probably ok. But if you’ve been operating for a time, sit down and try to determine why you’re still making a loss.
Is it;
Review your business with a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats), implement solutions to fix and if necessary, get professional help.
Here are 5 steps you can take to remedy the situation.
Sounds obvious, but your existing customers are your best prospects for immediate sales. They offer the most cost-effective way to increase business because you’ve already spent money on acquiring these customers. They already know and trust your business and are therefore likely to reorder or order more from you. You can:
The best new customers are likely to match the profile of your current top customers.
One of the most effective ways of improving your cash flow so that there’s more money in your business is to find ways to reduce costs. For instance, you could:
This should be done anyway, even if it’s just to keep up with inflation. But it’s also a good way to get more cash coming into the business. Consider these tactics:
Products that customers view as necessary also tend to have a low price sensitivity. For example, people will pay more for gas and tolerate a price increases because it’s a necessary expense.
If you think the emergency is only temporary, then you could raise extra cash until the crisis is over. You could;
In the end, turning your business around from operating at a loss to showing a profit comes down to reviewing your business practices carefully and honestly so that you can pinpoint where you’re going wrong. Once you’ve identified why you’re operating at a loss, putting a plan in place to deal with it, and sticking to it, is the best way to turn things around.
POSTED IN: Day to Day Banking,Debt Management,2017,Pricing
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