It is never over till you have given up. The same saying applies to your business, especially if it has taken a financial hit. If the creditors and IRS are all over you, there is still a chance for you to make a comeback. Restoring positive cash flows is not an impossible task if one is really serious about restoring their businesses. It takes some out-of-the-box thinking and bold decision making to do so.
The first thing that one should do is to reorganize the business structure. Since it is your business, you should relocate your post from being the “CEO” to a “Consultant”. Yes, it may seem absurd, but this is the need of the hour. This way your entire focus would be on how to refinance and restructure your business.
In case of a business going down, there is always an issue with some negative spending. Your product or service may not have gone obsolete, but some of your expenses cause the sinking of your business. As a consultant whose job is to restore the business, one should opt for cutting down all unnecessary expenses and also those without which you can survive for an interim period.
Revamp your marketing strategy. With the advent of social media marketing and other similar tools, you can avail the option of cheap marketing. Revisit and rethink your marketing strategy. There is always room for improvement and also the margin to be more innovative. Through social media marketing, you can cut down your advertising cost as well.
While your business is in doldrums, you can affiliate yourself with a start-up or a business with which you are on good terms or you don’t owe money to. You can have joint advertising campaigns and similar tasks which would help you with your expenses.
All this being said the most important thing that can help you achieve all the points that have been mentioned above is if you can get an authentic financier. By contacting a financier who offers a merchant cash advance, you can keep your business afloat. Taking a loan for refinancing is always a bad option since it increases your overall debt. A cash provider can help you if your business has the potential to grow. Often, your product/service may have room to grow, but lack of funds or creditors slows you down. In such a case, you can rediscover your business through such options