Every business will face tough economic times - and some businesses are always facing them. On the right you will find resources to help you through.
Now is the time to do (or re-do) your strategic business plan and then your operational business plan. For your strategic business plan, you need to compare your business with your industry. Is everyone having problems? If so, there will probably be a shake-out so only some of the companies survive. Is it time to partner to gain some operational efficiencies? If only your business is having problems, what are your competitors doing differently than you? Here are some resources within the Tools for helping with business strategy:
Once you have your strategy in place, you need to do a business plan. The SBA has a free online business plan tool. It is password-protected for your privacy.
Visit your Small Business Development Center to review and complete your strategic plan and business plan. Their services are free. Your SBDC is:
Let others help: get ideas on how to improve services and cut costs from employees, vendors, and customers. Explore refinancing debt with your creditors.
Stay positive and focused.
If you can't find a way out by developing a new business plan - shut down or move on. But before you do so, consult with your Small Business Development Center.
Above, you will find more resources to fix your business, government assistance, funding options, and help if you have to lay off employees.
If your company is in trouble, there are steps you can take to turn it around. In How to Turn Around a Failing Business", Marc Kramer has 10 steps: