Business bankruptcies swelled by more than half in the depths of the recent recession, a statistic that masks a world of heartache for the owners of businesses that didn’t make it. Many still struggle to hang on as the fledgling recovery strengthens. Some will survive, while others will be forced to close their doors, absent some last-minute miracle.
When your company faces an uphill battle that seems almost insurmountable, it can be hard to choose between reviving it and closing it for good. But if you follow these steps for small business CPR, you’ll at least know you did everything you could.
1. Find the Problem
Once-thriving businesses can fade away for a variety of reasons. Sometimes competitors take their customers. That’s what happened to U.S. automakers when foreign brands arrived. Other times, markets change but the business doesn’t. That’s what happened to buggy-whip manufacturers when people turned to cars.