dulichbinhhung.xyz – Doing business does not only talk about plans, business capital and profits, but also how to deal with your business if it is hit by a storm and is experiencing difficulties. Running out of business capital, income that starts to empty until investors leave has become a hazard that must be identified in order to deal with it properly. Talking about the fall of the business that you experienced is certainly not without a cause, all of that does not need to be regretted and you have to try to get up to get back up.
However, trying without knowing the steps will be the same as walking in place, if you are currently experiencing bankruptcy, here are the steps so that you can rise from bankruptcy.
Steps that Must Be Done in the Midst of Bankruptcy
As mentioned bankruptcy is only a matter of no funding being obtained for the company so that the company experiences financial difficulties. Focus on the following steps so you can get back up from adversity.
1. Focus on Skills, Credibility & Network
Many entrepreneurs today are experiencing a slump and immediately panic, feeling miserable, making it difficult to think clearly. Even though they forget that there are 3 things that will never disappear if they go through the bankruptcy process, namely, skills, credibility & network. So, to see these 3 things, you really need clear thinking and a calm mood so you can see new business opportunities and can save your business.
Focus on these 3 things and rely on these three things to save your business. For example through the network you can ask for help from partners you have worked with, through skills you can do side projects for this company to get income, of course by having the credibility of partner companies will have a sense of trust that you are able to save the company and make it profitable again for them.
2. Find Projects for Cash Flow
The main cause that is common when experiencing bankruptcy is not smooth cash flow or also called cash flow. For example, cash flow jams occur when there is a lot of stock in the warehouse or it can be said that goods are not selling well in the market. The money that you have invested in these goods certainly hampers the pace of your business because fund money is “gasoline” for the business that you are running.
If everything has happened, of course maintaining cash flow is the main obligation that you must do so that the business does not sink. So, to fund this cash flow, there are several ways you can do it. The first is to carry out a sales system for production goods that sell quickly, follow projects from other companies for income, and the third is to make measurable loans to banks or fintech.
3. Do a Business Error Analysis
Before making suggestions and opinions from business people in the same field, do a thorough analysis of the business you are currently in. Look for current errors and deficiencies that have resulted in a decrease in cash flow.
As the example explained above, the production of goods that are not selling well, the target market is not suitable, or goods that are of poor quality are usually the main source of problems that your goods are not in demand or are losing competitiveness. Not to forget, usually business people forget the function of marketing in doing business so that the products they sell are not well known.
4. Ask for Advice from Business Actors in the Same Level
Take the time to chat with experts in the same field, the function of having networking is not only to carry out development but also to ask for help or advice from experts. Learn tips for dealing with business when it’s up or down. Dig up as much knowledge and information in each field and how to develop it so that you can find mistakes and can cover up deficiencies that can cause your business to sink.
5. Make Cost Efficiency
Even though the business is declining and threatened with bankruptcy, production must continue according to ability. To carry out production at this time a new sales strategy must be carried out so that the expenses incurred are not in vain. You also have to cut some costs and downsize several divisions to make spending more efficient.For now, buy things that are really needed so as not to waste operational costs, and do a repurchase analysis so that buying goods is not in vain.
Every business actor in the world must have experienced failure. Failure is a common thing and should be a risk that is instilled in every entrepreneur. The chance of failure is like one side of a coin with a 50:50 chance of your success.
Many entrepreneurs find it difficult to wake up from failure so that business plans that have been instilled since childhood are simply destroyed without any fighting power to return, even though failure is often experienced by successful businessmen.
So, here are tips for getting up from business failures that you need to know.
1. Think and be positive
This first point is the most important point in dealing with business failure, a positive mindset must be maintained no matter how hard the problems you face. Positive thoughts will lead you to solutions to the problems you face. Indeed, there is nothing pleasant about failure, but you will become more stressed if you blame other people and circumstances. It is better to focus on calming yourself down by discussing with employees or shareholders with a cool head so that you can find ways and solutions to your business problems.
2. Find the Cause and Evaluate
Having positive thoughts will certainly make it easier for you to find solutions to the problems you face. In doing business or entrepreneurship, the problem can be divided into 2 main categories, namely employees or yourself and the second is the business that is not suitable or does not do market research. You can evaluate these two things with internal employees who have a position so that they can provide input and become solutions to company problems.
3. Recognize Self Potential
Recognizing one’s true potential is included in the evaluation category. By knowing your potential you can decide what is best for you and the business you are in. Does this business suit your passion or do you just see a profitable business opportunity. Get to know yourself by knowing your weaknesses and strengths, that way you can make decisions and take the best steps wisely for your business and also for you.
4. Look for New Opportunities
For now, take advantage of all the resources you have to get new opportunities, whether it’s solving problems or opportunities to develop into a better person. Don’t give up! If you see that your current business has no future or is doomed, you can look for other opportunities that interest you. Don’t be a closed person due to disappointment that the business you have has been destroyed, make this problem a motivation so you can move forward in the future.
5. Make Careful Planning
If you are motivated again and intend to improve your business or start a new business opportunity, don’t forget to make careful planning. Careful planning and proper execution will lead you to success. From a series of failures that you have experienced, you can evaluate what caused them and make a better plan than before so you can avoid the same failure.
During the actual bankruptcy process in your company and yourself, there are basic things that are not lost, namely skills, credibility and network. Bankruptcy is a matter of losing income from funds in a company, but it will not eliminate the 3 things above so that the word to get up will always be there if you keep trying.