A few years back I was facing a serious challenge with my first business. The business was crashing and I knew nothing about how to turn around failing business in Nigeria then. Looking back now and after some experience with help hundreds of African business owners turn around failing business, I have learnt some key secrets that can help anyone turn around failing business in Africa.
The first step to turn turn around a failing business is to change the person at the top or the mindset of the person at the top. I realized this with my own business that failed. When I saw the business collapsing, I was paralyzed with fear and some of the decisions that I was taking were driven by fear rather than by business sustaining strategies. This requires a huge swallowing of pride but if the turn around must happen, another leader must take charge even if its for a brief period. The mindset that got your business into trouble cannot get it out of trouble. If you do not want to step down you can get a BUSINESS COACH to work with you. This means you will be bouncing off ideas on the coach before deploying. This I have found to be very effective too because a lot of the business owners we helped when we wanted to turn failing business around was this strategy that we used with them
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Second, have plan. With out a plan that has clear milestones, it will be practically impossible to turn failing business around. You need to sit down with your people and map out an action plan that you want to work with to turn around your failing business. A plan that you go back to regularly ensures that you do not go back to actions that were part of the reason why your business is struggling.You need to realise that some of your actions that led to the business failure had been turned into habit so you need to state clearly how you are going to work to turn the business around and anything outside the plan has to be deliberated upon before deployment
Third , Face the turn around around of your failing business with your head and not your heart. Some people will need to leave your business, some supplies will need to be cut of, some debt payment will have to be put on hold, some rights and privileges of staff and family may need to be suspended if you want to turn around failing business. These are actions that you must carry out without emotions
Fourth, Focus on growing sales and cutting cost. You need to analyse all your actions based on to key criteria/ One is will it help us increase of sales and the second is will it reduce our running cost. If you cannot get a yes for any of these two, them that thing must be put on hold especially when it has some financial implication.
Fifth, SIGN UP FOR A BUSINESS SUSTAINABILITY COURSE BELOW to learn how to make the business sustainable at all times.