Every small business will go through rough and challenging patches. In the UK, there are
currently, many factors that are having negative effects on businesses, such as high levels of
inflation, a cost-of-living crisis and the economy still suffering due to the effects of the
Running a business is never a plain sailing task, especially with such large external factors
taking their toll. If you have found that your business is suffering due to this, or due to
internal factors such as insufficient cash flow, then read on to discover some tips that could
help to save your business.
Don’t Give Up!
Although a suffering business can be stressful and demanding, do not let this discourage
you. Every successful business has experienced difficulties, and you can learn so much from
‘failures’ and struggles.
Remember why you started the business in the first place, and know that challenges are
inevitable no matter how well the business may be doing. Don’t lose sight of the passion
and motivation that made you start up your business in the first place.
Sometimes you just need to take a step back, look at the overall state of the business and
this will help you to determine what the problems are.
Conduct a SWOT Analysis
A SWOT Analysis is a helpful tool that many businesses use which helps you to identify
strengths, weaknesses, opportunities and threats. This is a great exercise as it helps you to
evaluate what is going well in the business, but also what isn’t.
If your business is on the brink of sinking, completing this exercise is a great idea as it will
show you the areas of the business that require the most improvement. It will also help you
to assess the damage to your business, therefore allowing you to decide what to do next
and what changes you may want to make.
Engage With Your Clients
Your customers/clients are arguably the most important aspect of your business, so it could
be a good idea to ask them for feedback. Without customers, businesses wouldn’t make
enough revenue to keep afloat.
Collecting feedback from your clients/customers can show you what the business could be
doing differently, allowing you to make the necessary changes and successfully move
Communicate With Your Employees
When it comes to solving problems at work, it is always helpful to have an open discussion
as a team. After all, your employees know the business and the customers just as well as
Having a meeting with your staff to discuss how you can improve the business is such a
worthwhile exercise, as you can learn a lot from other people’s perspectives, and everyone
gets an opportunity to put their ideas forward. It is important to trust your employees and
to listen to them, as this will increase the chances of saving the business.
Reduce Costs and Manage Your Cash Flow
For a business to survive, it is important that cash flow is consistent. In order to keep as
much cash in the business as possible, it is worth evaluating your costs and seeing what
could be minimised.
A good way of doing this is by creating a cash flow forecast, so you can see what’s coming in
and what’s going out, giving you insight into how much will be in your bank account.
By doing this, you will easily be able to identify where the majority of your money is going,
so you can work out if any of your costs can be reduced.
Thanks For Reading
Thank you so much for reading this article and we hope you have found it informative. If you
want some more tips on improving your business, take a look at our other articles. We have
blogs covering a wide variety of topics, such as business tips, financial tips and general