Do not win the chance to survive. Even optimistic business leaders cannot argue with statistics about business survival rates. According to the US Bureau of Statistics UU., Two thirds of all companies spend at least two years, while half of all companies reach their fifth anniversary. This is only one third of all companies that can celebrate a decade.
The good news is that when your business is prolonged, you are more likely to do so. It seems to be more difficult in the early years, so if you can overcome them, you can create something for generations.
When the Unusual Occurs
It is wrong to say that each person has the perfect solution for work and there will not come a time when things can go wrong. For instance, a data breach company might lead to some huge fines and even a lawsuit. A natural disaster could be the worst nightmare for your entire livelihood. These types of occurrence can destroy even the strongest of businesses and leave companies on the edge of bankruptcy.
Plenty of the renowned companies of today have fought against bankruptcy, including IBM, Apple and even Starbucks. Many of the smaller brands and startups have experienced this as well, including many famous individuals like Walt Disney, Stan Lee and Abraham Lincoln.
However, the best part was that these companies knew the art of coming out of it, turning the things upside down, turning the downfall into success and their accomplishments are known to the world today. But how do you come out of it?
Here are some of the top real world business strategies that founders can rely upon to scale their businesses even if they are at the edge of bankruptcy:
Market what others can’t do themselves
There was an important lesson one of the internet marketing entrepreneurs learned during many of the times they had to build their internet marketing business.
“The problem was that I discovered what I was offering in terms of services for social media advertising were already being replicated by other agencies. Or, some customers had even figured out how to handle it themselves.
In order to stop the income from vanishing, he kept learning new skills for it. He later on focused on where to apply all these skills to work for the audience struggling with all the key problems. For all the leaders, it always means to continue to scan and listen to the market in order to identify those areas. Then comes wondering about the outcome, the vision, acting upon it, and communicating about what you would do differently.
Be transparent about what you are doing.
Some leaders may decide to be vigilant to get this money fast. After all, there are many tricks or ways of cheating customers that can turn a company into better financial results. Some examples may include unnecessary repairs, the use of fanatics of fake technology or the resale of potential customers. However, these methods are generally not for long-term or sustainable clients. In most cases, people realize that a brand they do not trust does not comply with the law or is completely honest in their business practices.
You could think that everything will make you more transparent. But the new truth is that it is exactly what you need to get customers and keep it long term. If you show your confidence, smart customers will see it and appreciate it. Companies that are less transparent may have to work harder twice to regain their confidence. Facebook is an example at this time, in which television advertising is used mainly to ask for compassion for lack of transparency. The recent sale of Wells Fargo has also severely damaged the Bank’s reputation and is still struggling to eliminate its customers.
Work for a steady growth instead of fast success.
In a rush to increase revenue, many entrepreneurs tend to address the use of “all necessary means” often breaking the rules or exploiting the weaknesses. Certain Entrepreneurs did it in a difficult way on Google, Facebook and Udemy, where he initially ignored the site’s policies. Then he followed the rules more closely, but continued to use gaps and violations of some simple policies.
The problem is that these strategies can work in the short term, but eventually they will be maintained by the site administrators. These business owners was no exception, because it suffered a suspension and a ban on accounts only when the companies started working again. Instead, it must achieve the goal of sustained and sustainable growth from the start. Learn to use sites and services effectively within your framework. The ban is less likely and lifelong successes grow compared to quick money plans.
Don’t be in a business just to make money.
The mantra that you are only in a business to make money in no longer famous today. It is true that there has to be cash flow in the business to keep it running. However, business just for the purpose of making money is not the right thing to do.
Many of the customers wants to know that you are doing something worthy with the profits, not just lining pockets or paying the simple bills. Doing the good for others and paying it forward can furnish a significant return that will surely agree to build your brand trust in the eyes of your competitors.
Get yourself involved in something you feel passionate about, donate time and money into it, also encourage your audience to always learn and get involved with you in the same cause.
To Wrap Up the Things
There is another underrated point that is always missed behind the monetary benefits, which is the importance of quality over quantity. Produce something that gives worth. No hurdle is permanent, but it is going to be there as long as you do not overcome it. Pass through the bankruptcy and get back to your feet now!