Should You Bury or Revive a Dying Business

Do you have a dead or a slowly dying business? You have two options: either bury it or revive it. The decision is entirely yours. If you want to cut your losses, the best option is to just cut clean.

However, if you decide to fight it out and give your business another chance, then there are several things you can do. Read the following tips, which can, hopefully, revive your business.

Before doing anything, the first thing you have to do is to make an honest to goodness assessment of your business. Do a SWOT analysis if you like. Understand both your strengths and weakness to identify how you can plan your revival strategy.

The main thing here is to be completely honest with your assessment. If you like, you can hire an independent auditor to give you an honest to goodness indication of how things are. After that, you can now develop your plan but be sure to think about these tips:

1. Find out Why Prospects Aren't Shelling out the Dollars – This simple and obvious search will give you insightful reasons about what they are looking to buy and from whom if not with you. Let this be a candid assessment and do not stop until a pattern emerges. When you discover a patter, analyze it and are sure to address the issues. Ruthlessly pursue what your customers want or at least give them something that would resemble what they want.

2. Create a Robust Database - Your business card printing strategy or color business cards are not there for décor purposes only. They are there to be exchanged to create a robust database. There are a lot of businesses that compliment what you sell and will be open to co-promoting to your database in return for you talking to theirs. With three or more companies working together, your reach expands exponentially.

3. Debunk all Traditional Advertising Myths – Media channels have admitted that they are seeing up to 40% drop in ad spending yet businesses are reporting that customers are still buying. The reason for this is probably that there are other media channels that are being used, i.e. online marketing. Online spending of every type is steadily increasing. Do not let your competition gain dominance that you cannot afford to compete with later.

Ultimately, your objective is to win back consumer attention to your product or service. You must be able to create a ruckus that people will talk about. If you have not been visible, chances are people are not aware of your anymore so the only resort is to call attention to yourself. Overcome the fear and try something dramatic so people would talk.