Carpon
Valued Contributor
If your business is going down and you can tag it as crumbling there are some few things you can do that may help you bring it back to life before it is finally dead and goes bankrupt.
But before you can know what to do you must first know what is it? You must be able to sort out the reasons for your business failure. What mistakes and detrimental actions were taken that caused the collapse of the business? Was it the collection of you much loan,, giving of products on credit, rendering free services or giving goods free if charge, or any other reason that may have caused the business' collapse.
Then take necessary steps to avoid such actions again. If it was giving if goods on credit then you must avoid it and then you can use some money from your savings to pay off for the debts you incurred on the business by selling on credit to people who may not pay later on and so we tag that as a bad debt. Bad debts must be avoided as it kills the potential of any business. Bad debts are debts that are not going to be refunded due to maybe the death of the person who collected it or any other reason that makes the debt non refundable.
Bringing back a dead business is very hard process but can be achieved diligently and skillfully.
What do you think about ways one can bring a crumbling business back on its feet.
Say it out in the comments section. Thank you.
But before you can know what to do you must first know what is it? You must be able to sort out the reasons for your business failure. What mistakes and detrimental actions were taken that caused the collapse of the business? Was it the collection of you much loan,, giving of products on credit, rendering free services or giving goods free if charge, or any other reason that may have caused the business' collapse.
Then take necessary steps to avoid such actions again. If it was giving if goods on credit then you must avoid it and then you can use some money from your savings to pay off for the debts you incurred on the business by selling on credit to people who may not pay later on and so we tag that as a bad debt. Bad debts must be avoided as it kills the potential of any business. Bad debts are debts that are not going to be refunded due to maybe the death of the person who collected it or any other reason that makes the debt non refundable.
Bringing back a dead business is very hard process but can be achieved diligently and skillfully.
What do you think about ways one can bring a crumbling business back on its feet.
Say it out in the comments section. Thank you.
