Top 5 Tips for Saving a Struggling Small Business


The top 5 tips weekly post is always full of hints and tips for small, home & micro business owners.

1. Try to cut your operational costs as quickly and savagely as possible, without it affecting your ability to provide top quality products or service. It is important to get the basics (business planning & financial reporting) right first.

2. Work diligently on customer retention during this difficult period. It costs far less than trying to attract new ones and combining this with cost-cutting measures should, at the very least, stop your business hemorrhaging money.

3. Simplify your business activities wherever possible. This could involve reducing the complexity of your product offering or outsourcing certain business functions.

4. Don’t cut back on spending money to train your staff, especially if it will improve skills that help you generate revenue (e.g. sales techniques or customer service).

5. Innovation is ultimately often the key to business survival. If you can somehow improve the existing product or service that you provide, without investing a fortune, you are likely to be on to a winner!

If you have additional tips, please share them in the comments section below.

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