The once successful business starts to decline.
We have been using the same system and same staff over the years but business has not been the same.
Our business becomes stagnant and we wonder what we have done wrongly.
The truth is a recipe of success for last year will not be a successful recipe for today.
The economy and technological world would have evolved constantly with every second that passes.
Time does not stop for us and we must continue to change the way we run our business to stay successful.
Our main engine
Regardless of your business, our main engine is people.
When our staff do not continue to grasp the latest skills or knowledge for our current market, we will lose our competitiveness.
We must constantly invest in staff development to stay above the rest of our competitors whom may have neglected this basic ingredient of success.
We can never fight a good war unless our soldiers are always equipped with the latest weapons and skills of combat.
Be trained or Be removed
The growth mindset is essential for the growth of a company.
There will always be some stubborn staff who refused to acquire new skill or knowledge as they are over-confident with their current state.
As the head of the company, we must be able to foresee the future demand and equip our staff effectively through professional development.
Staff that refuse to be trained must be removed from the company.
We must nurture the culture of professional development.
This must be part of the employment contract that we must state clearly before employing new staff.
With this in mind, every staff would be ready to be trained as the company sees a need.
Enhancement of current state
We must always be aware of the current technology and market news for our business.
The constant need to invest in our equipment or technology related to our business would help to increase efficiency and above the rest of our competitors.
When there is a limited fund available for research and development, the company must find innovative ways to stay above through restructure of different systems within the company.
The last resort, when the physical equipment we have is really outdated, is to rent what we need and accumulate enough fund to purchase in future.
There is always a way to enhance our current state when the resources cannot be found.
We can also outsource certain tasks to other companies to form collaboration.
When two companies can collaborate to compensate their respective lack, they may form a strong team to build both companies up in a competitive business world.
Two brains are better than one so the collaboration of two companies can benefit both in many ways.
In conclusion
There can be many blind spots that we cannot see since we cannot be everywhere within our company.
Get every staff to evaluate critically to find the different blind spots regularly so that we can close the gaps.
We may also seek advice from other more developed companies.
We should consider merger as a last resort for survival to avoid bankruptcy.
There is always a way out to save our business if we are desperate enough to try all ways.
We should never stay where we are and expect it to work out on its own.
There is also no definite solution for each company's unique situation.
This article can only provide some ideas of possible ways to save a business.
I hope it has sparked some ideas for other innovative ideas to come for your own unique situation.
Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth. By reading this post, you acknowledge and accept that. All images and pictures were taken from google images that are free from copyright under labelled for reuse.
Posted from my blog with SteemPress : http://fun2learn.vornix.blog/2019/02/09/save-a-business/