Oct 21, 2009

Questions to ask when business is in trouble...

**Courtesy of Jay Goltz Fortune Small Business (FSB) Apirl 2009

  1. Hows your cash flow? Is it dwindling profits or both?
  2. Has the problem been fixed? Is it fixable? ie: If you marketing idea isn't working, have you dropped it and tried something different? Why not?
  3. Is your industry going bad, making it hard to make a profit? Or is it your execution/plan, whether its pricing, cost of goods, location or venues where you sell your wares over saturated?
  4. If this is fixable what will it cost? Will it be worth it to fix? How long would it take to be fixed?
  5. Is quitting an option? If it is, what are consequences? Do you have loans outstanding? Will you lose your home? Will you have to file for bankruptcy? Will you have tons of raw material that could not be sold to help you see some type of return?
  6. Would it be better for you to change your craft? What if you started on a new craft and carried the burden of designing 2 different crafts? ie: Maybe you are a jeweler...maybe start doing knit.
  7. Do you still have the hunger you had when you first started? Do you still have the fight to go on?
  8. Being strapped for cash and dealing with the obstacles of running a small business can wear you down...
  9. Can you start all over with a fresh idea to improve what you already started?
  10. Are you still having fun? Again do you have the passion that you had when you first started your business? In the beginning it wasn't just about the money it was thrill and knowing that you can do this have fun, enjoy yourself and then make money at the same time...

Just a few questions to think about as you restructure, grow and expand...
Again we are Getting Back to the Basics!

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