The chances of a small business struggling are high. According to the SBA, 50% of companies fail within the first five years. This is often due to a lack of capital, no formal business plan, and no market research. Entrepreneurs might be entering a market that is too saturated or not charging enough for their products or services. These reasons are only a few of why businesses fail, but services are available that can help.
The first step is admitting that the business is struggling. This can be difficult for entrepreneurs because they have put so much time and effort into their company. They might feel like they are giving up if they seek help, but this is not the case. There are many resources available to businesses, both online and offline. The key is finding the right one for the company’s needs.
Fortunately, it is not too late to salvage your business. Service providers from all angles can help get a business back on track. Here are a few examples.
Management Consulting Firms
Management consulting firms are experts in business strategy and operations. If a small business is struggling, consulting with a management consultant might be helpful. They can help the company develop a formal business plan, assess the market, and make pricing decisions. Management consultants often have experience in various industries to provide valuable insights to struggling businesses.
However, management consulting firms have different focuses and approaches, so it is essential to find one that matches the needs of the business. Think of them as business partners with more experience, skills, and knowledge to help get the company back on track. Even if investing in a management consultant is expensive, it might be worth the cost if it means saving the business.
Business Coaching
Business coaching is an excellent option for entrepreneurs who want to continue running their businesses but need help getting them back on track. A business coach can help with accountability, developing a growth plan, and improving time management skills. They will also provide support and encouragement during tough times.
Business coaching is often more affordable than management consulting, and the results can be just as impactful. Coaches are typically hired for a specific project or period and can be found online and offline.
Industry-Specific Organizations
There are organizations for almost every industry that can provide support to businesses. These groups are often made up of business owners who have faced similar challenges. They offer advice, mentorship, and resources to help companies to grow. These organizations can be found online or through word-of-mouth.
For example, the National Restaurant Association offers resources on menu development, marketing, and restaurant employee training. The Small Business Majority has information on financing, healthcare reform, and tax planning for small businesses. The U.S. Chamber of Commerce is another example of an organization that advocates on behalf of companies and provides resources for business growth.
Digital Marketing Agencies
Digital marketing agencies can help businesses with their online presence. This is important because most customers are searching for products and services online. An agency can help a company create or improve its website, increase traffic to its site, and generate leads through SEO and other digital marketing strategies. Digital marketing agencies can also manage social media accounts and create content to engage customers.
Like management consulting firms, there are many digital marketing agencies to choose from, so it is essential to find one that matches the business’s needs. The best way to do this is by asking for referrals from other companies or conducting an online search. Make sure to read reviews before hiring an agency.
You can easily find a digital marketing firm, unlike the two service providers above. However, choosing the most suitable partner for your budget and preferences will be necessary. It would help if you looked at each option to make an educated decision.
Bankruptcy Services
Bankruptcy services are the last resort for businesses struggling to stay afloat. If a company cannot repay its debts, it might be able to file for bankruptcy. This will allow the business to restructure its debt and repay creditors over time. However, filing for bankruptcy will hurt the company’s credit score and make it difficult to obtain financing in the future.
There are different types of bankruptcy, so it is essential to seek the advice of a legal professional before making any decisions. Bankruptcy should only be considered a last resort after all other options have been exhausted.
Final Thoughts
If your business is struggling, there is no need to feel ashamed or alone. Many services can help companies to get back on track. It is essential to seek the advice of professionals and industry experts to find the best solution for your company.