What advise would you tell your friend to keep the business from failing?

[chicnthin]

I know some of you have friends who are in business, or maybe you, yourself hàve a business. Sometimes, whether we like it or not, som business fails. What advise would you give yourself or your friend to keep the business from failing?

 

[Alexandoy]

For a business that is not doing good my advice is to hire a business consultant who is also good in marketing. There are business owners who think they can do everything like the marketing and even the selling (if it is a store). When I had a boutique I did the selling but customers were turned off by my face, not a joke, they were scared of me. I had to hire an amiable person to handle the selling. Another thing is the capital. Get more money to spend for the promotion of the business whether in online or offline means.

 

[Trexxxy]

Just like alexandoy has said , it is important to spend money on promotion and ads , learn how to make the ads convert. I have a friend who spends 1.5k on ads for his online business, trust me those ads convert to customers. If you don't spend money getting your business known then there is no way for people to know about your services.
Another advice would be to stop spending funds meant for business.

 

[Ralphjoe]

Well a failing business requires a new approach to reviving the business, The best way to start would be by starting an aggressive marketing campaign that will improve the business's sales.

 

[Gabriel Moses]

Yeah For a business that is not doing good my advice is to hire a business consultant who is also good in marketing. There are business owners who think they can do everything like the marketing and even the selling (if it is a store). My Mum has a Cocacola Depot she do the selling but customers were turned off by her face, not a joke, they were scared of her. She had to hire an amiable person to handle the selling. Another thing is the capital. For a business that is not doing good my advice is to hire a business consultant who is also good in marketing. There are business owners who think they can do everything like the marketing and even the selling (if it is a store). When I had a boutique I did the selling but customers were turned off by my face, not a joke, they were scared of me. I had to hire an amiable person to handle the selling. Another thing is the capital. Get more money to spend for the promotion of the business whether in online or offline means.

 

[Dubai]

Firstly, he should be very dedicated to his business. All forms of family interference that are not directed to the growth of the business should be eschewed. Proper business planning should be done regularly with adequate budgeting. Then could also have a mentor that would give him daily motivations.

 

[salman Royy]

I would advise my friend that if you fail in business, don't panic, what happens is for the good, today is bad, today is bad, tomorrow will be better for you. If someone does business, we have both profit and loss, so we have to face such situations. You lose money in business so you learn from that loss how to make a profit we have to think well and we have to face all situations.

 

[Josemendez]

I know some of you have friends who are in business, or maybe you, yourself hàve a business. Sometimes, whether we like it or not, som business fails. What advise would you give yourself or your friend to keep the business from failing?

Before starting a business , there is need to check if there is market for the business . If it is an existing business , there is need to make it stand out from competitors . With this the business will soar high

 

[Presido]

I would first ask him about his motives towards the business, I would tell to avoid lavish spending and more also he should also have planned budget

 

[Alogakho Esson]

Reason for not failure of business is marketing strategy selling of market demand goods

 

[Martech]

The main advice I’d give to you is pull yourself up. Start moving again even though you are not sure of what direction to go in. Once you begin your journey look at the failure as an opportunity to learn from your choices to not fall into the same situation again.

 

[Golden_ear]

I will advise him to keep to times always, should be focus with his business, and he should always pay his workers wages as at when due. Then he should always produce good quality product to the consumers and render quality services to the consumers. If all of this can be done, his business will always make profit and grow well.

 

[MRizwan530]

I know some of you have friends who are in business, or maybe you, yourself hàve a business. Sometimes, whether we like it or not, som business fails. What advise would you give yourself or your friend to keep the business from failing?

In every business first we should think about failure and we should have backup in case of failing.
If we are planning investment in a business and we did not have alternative in case of failure then it is very difficult for us to recover our failure.
So I will always advise to my friend that whenever he is starting a business firstly he should work on alternate in case of failure.

 

[Afeefah]

To stop a business from failing, he will need to 0roduce quality goods and also not make the goods too expensive.
People like quality goods but don't like spending when they think the goods are too expensive. The idea is to have a strategy to attract customers, have a tolerable price, and have good customer services.

 

[tuna89]

Stick to the laid down plans and budgets, these can be achieved by discipline. Make sure your employees are concentrating and getting good experience in the job, treat them well too. Note your strengths and weaknesses, revise your strategies and work on your weaknesses, great customer service, make sure you maximize value and minimize unnecessary spending, you can give discounts to your customers when needed, spy on your competitors to enable you understand what is in vogue and do constant market surveys.

 

[Ridorz]

Firstly, the failing is a nature of business that happened in a while without able to prevent it. But it happens you need to make research on the causes of the failure?, what is the problem you have about your business?, what is your weakness on the business?, from there you will able to find solutions to it.

 

[Goodday]

I know some of you have friends who are in business, or maybe you, yourself hàve a business. Sometimes, whether we like it or not, som business fails. What advise would you give yourself or your friend to keep the business from failing?

Business failure is very common nowadays because most people don't study the nature of the business well before they jump into that particular business. It is always necessary you do a lot of research about the business you want to set up and know most things about the business before you start the business.

 

[chicnthin]

Business failure is very common nowadays because most people don't study the nature of the business well before they jump into that particular business. It is always necessary you do a lot of research about the business you want to set up and know most things about the business before you start the business.

I agree. And after making a lot of research and choose the target market, I think it is important to think of the possible challenges you may encounter even when of haven't occured yet and come up with the solutions.

 

[Pirate]

What I'll advise a friend to do if his business is failing is to change strategy, the different ways to approach a business it business is just like coaching a football club if you say that a particular strategy is not working for you, you change and try something entirely different.

 

[Kamon c4]

I’d advise he takes the financial management seriously and look for a way to cut cost of production in order to balance the deficit he/she has got. Also @Alexandoy has mentioned in his comment to create awareness in every possible way. Sponsor ads, print flyers, banner and many more