How To Save A Failing Business In Four Steps
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- เผยแพร่เมื่อ 7 มิ.ย. 2024
- Let's explore how to save a failing business. This video covers the four steps that you must take if you want to turn the business around and prevent it from dying. The only assumption is that you have a functional business with some revenue coming in each month.
The first step is to focus on the numbers. This is important, because you need to determine your revenue, expenses, assets, and liabilities in order to make important decisions in future steps.
The second step is to find the healthy business that is living inside of your struggling business. If you're doing anything right at all, odds are there are one or more aspects of your business that are actually working very well. So the goal of this step is to identify what is working and what is not working.
The third step is to take bold and decisive action to simplify the business. This is critical because it's very tempting to fall into the trap of only making minor changes, and it's that kind of indecisiveness that ultimately kills a business. So we must take action to transform the business.
The fourth and final step is to promote a compelling new vision for the business. This is important not only to focus the team, but also to get clear on exactly what you will do to stabilize and grow the business moving forward.
Watch the video for more details on how to complete each step.
Best of luck in saving the business.
Content by Rick Kettner
Produced by Kyle Trienke
If you enjoyed this video, please click the like button help TH-cam share it with others here on the platform.
1) focus on numbers
2) Pareto principle - healthy in internal businesses
3) bold a decisive actions
4) promote compelling new vision
It was difficult laying off employees. I am a polite person and it's always hard seeing other people becoming unhappy because of me.
Valuable and clear message. Great job!
This video is so amazing 🙏🏽 The points are so spot on with my current situation and its got me super motivated!! Thank u!
I'm glad you found this helpful.
Very well explained. Loved your presentation & how eloquently you gave communicated a wonderful message. 👍🏻
Super guidance for my current business situation. Many, many thanks for this video.
Thank you for this information 🙏
Brutally honest
upvoted!
So good!!!
Well studied 👍🏼
its possible to know. my company is going down day to day and my team is working all-times effectively, so, how i improve it
Very helpful content. I'm living exactly this moment here in my business. Thanks for the video. Greetings from Brasil. 👌
I’m glad you found the video helpful!
amazing
What if you don’t have the money to payout staff and also you can’t find good staff? So keeping them keeps business going. Even if they are not doing the job their job as efficiently as you need.
I opened a moving business in October of 2021. It is now March 2022. Im a LLC, I'm insured, I have advertised on Google, I'm contracted with Uhual, I have helped realtors stage a few homes . . Im limping. How am I going to get it off the ground?
Where are you based out of?
Things of what scale are you moving?
It's bad timing. I've been in business for 15 years. This last 11 months has been the worst as for as sales and foot traffic for me. In Oregon.
Very therapeutic thank you for saying my personal flaws so gently. I'll make the Excel sheet. If you want an Excel sheet with functionality comment and I'll share the one I made with functions (Google templates are great too)
Sir What is your experience in turnarounds ?
Hey I like your content!
Thanks!
Rick Kettner what are your thoughts on doing a collaboration video?
@@millionairefinance9148 Sorry, I'm focused on some planned content at the moment.
Rick Kettner okay cool!
How do I save my restaurant
It's bad this year, after being in business for 15 years. I might be closing my own in January.
Bad economy...
Amateur advice