The 100 Book Q&A – Advice for Businesses on the Decline
What’s your advice for entrepreneurs whose businesses are on the decline?
Action cures fear. When you’re actively focused on the solution and working the problem, you feel more empowered. For a business in decline, remember that you’re not the first to experience this problem. Who do you know within or outside your organization that could help generate ideas to turn things around? Start with “green light” brainstorming session around the core problems causing the decline. Ask, “In what ways can we increase sales?” or “In what ways can we reduce expenses to improve profitability?” After all the ideas are on the table, sort from first to worst, and then act.