What can be done when a business is crashing

[Zubair]

Just few days ago, I heard that my friend provision store got burnt cos the gas store next to is blew up.
All is life savings was put into the business and he is still owing alot of people money.
I am short of words that's why I brought the matter here.

What can he do no

Just few days ago, I heard that my friend provision store got burnt cos the gas store next to is blew up.
All is life savings was put into the business and he is still owing alot of people money.
I am short of words that's why I brought the matter here.

What can he do now?

I think he should review his old strategies and should upgrade them. Ups and downs are the part of business and life, but to overcome them is the biggest challenge. He Should make new plans and implement them. Accept his mistakes, and move forward towards success with new ideas and strategies.

 

[Farrukh Riaz]

Just few days ago, I heard that my friend provision store got burnt cos the gas store next to is blew up.
All is life savings was put into the business and he is still owing alot of people money.
I am short of words that's why I brought the matter here.

What can he do now?

In order to avoid losses in any business, it is necessary to insure your business with a bank. The bank will be responsible for covering your losses due to sudden disasters.
In that case, you need to be persistent. Use all of your options to manage your business and keep an eye on the pros and cons as well.

 

[Heatman]

Just few days ago, I heard that my friend provision store got burnt cos the gas store next to is blew up.
All is life savings was put into the business and he is still owing alot of people money.
I am short of words that's why I brought the matter here.

What can he do now?

Have you ever heard of insurance? Ask him if he's got the shop insured? If he did, then he's going to get something from the insurance company he used. This is very important for most businesses, it's only that most people look down on such things until it becomes critical they would need it.

 

[Presido]

When a business is crashing out, the business owner must sit back and check what and where something is wrong. He should have a discussion with his staff and check where the problem is coming from and possible solutions

 

[Adexgrace]

When a business begins to crush one must first tackle the reason behinde the failure and strategies on what to do to prevent the downfall of the business. They are several and different reasons for crashing of business, it might be a result of poor management or all other factors. But all must be put together to prevent downfall.

 

[eenya001]

This is a very painful story, having to lose your business and most importantly your source of income which is what you depend on for survival is really devastating and to top it all up, it wasn't even your fault. I suggest he Sue's the gas shop, there should be a form of compensation for him.

 

[Damismiling]

Before a business Will finally crash, it must have started giving some red signals, reduction in profit drastically and some other signal, reduction in running capital
Learn to re-strategize and consider doing things using other dimensions

 

[Milz]

It's a huge loss when all you have worked for go up in flames, but giving up is not an option here. One of my aunty's shop got burnt December last year but she up and running again. It takes times but eventually he will rebuild all he has lost. He can start by reaching out to his suppliers to give him goods on credit, that way he will be able to build by his shop bit by bit.

 

[Heatman]

This is a very painful story, having to lose your business and most importantly your source of income which is what you depend on for survival is really devastating and to top it all up, it wasn't even your fault. I suggest he Sue's the gas shop, there should be a form of compensation for him.

I'm really not sure that suing the gas shop would be a wise decision. They never started the fire intentionally, it's all an accident. They also lost their shop to the fire too. They all have to count their losses if they never had any kind of insurance for their business property.

 

[GIFTMICHAEL]

Just few days ago, I heard that my friend provision store got burnt cos the gas store next to is blew up.
All is life savings was put into the business and he is still owing alot of people money.
I am short of words that's why I brought the matter here.

What can he do now?

He should solicit for help there are so many good people out there that can be of help.
This is a big disaster and a total loss 🙏🙏 🙏.
There is nothing he can do but to seek for help from the government and well meaning individuals.

 

[Trojan8]

If only he had some form of fire insurance, this won't have been much a problem. The deed has happened, the only way now is to move forward. He should look at soliciting for funds from family and friends to build back what was lost and look at insurance for next time.

 

[Ridorz]

This kind of business scratch of your friend is very critical. That's why business supposed to be registered to under a trustworthy insurance company, so that when this kind of thing happen, insurance company will render a possible aid.
The only thing I can say about your friend issue is that he should take heart and recompose his life by seeking help from relative (family and friends) to restart the business.

 

[Adebayonle7]

A failing business means the right things have not been considered or maybe the right things are being done the wrong way. Ensure to review your business financial statement and standings from time to time to know how much your business is making and how of that is your capital, profit, and how much you are spending on expenses or to grow the business itself. Most businesses face financial perils which poses huge threats at them or end them completely. A times we just dive in and spend the money our business is making without knowing if it's the profit or part of the capital itself.

 

[tuna89]

So sorry to hear about your friend and i hope he recovers quickly, definitely, all his life savings may not be gone, he can as well restrategize and start small again irrespective of the huge amount of debts on him, he can use the gains of starting small to recover himself and pay all debts to enable him balance again, i wish the best.

 

[Life drama]

There must be something behind it before buisness could crash,you must have noticed decline or reduction in goods and services, buisness don't crash once unless maybe natural occurrence like fire inferno or earthquake.buisness is not the end of the road all you have to do is pick yourself back.consult an economist or people of high esteem in buisness and restrategise your plan and improve your own skills, improve on what you have not be doing or find a better location.

 

[singlej007]

This is a quite difficult one for him, but am sure people that he is owing are all aware his shop has burn? If they are all not aware, he should inform them first, then he should try and approach to people supplying him goods before and explain his predicament to them and plead with them to give him goods so that when he sells he will come and pay.

 

[Heatman]

He should solicit for help there are so many good people out there that can be of help.
This is a big disaster and a total loss 🙏🙏 🙏.
There is nothing he can do but to seek for help from the government and well meaning individuals.

This is a very good option. I can remember one time in our state when a whole market got burnt down, the government came to the rescue of all those that were affected and gave them huge sum of money to pick themselves up again and start over. If he seeks for help, I'm sure he will get it.

 

[Adeyoola7]

TRUST your gut | Sometimes you will need to make quick business decisions, and make them fast. When you find yourself in this type of situation, trust your gut, draw on your past experience. Sometimes as entrepreneurs, we get in our own way.

 

[GIFTMICHAEL]

This is a very good option. I can remember one time in our state when a whole market got burnt down, the government came to the rescue of all those that were affected and gave them huge sum of money to pick themselves up again and start over. If he seeks for help, I'm sure he will get it.

Exactly I will advice him to take pictures of the market that was burnt.
Government is will to assist such kind of people that has no where to fall back to.
There are well wishers and good hearted persons that will be willing to assist.

 

[Kennysplash]

Just few days ago, I heard that my friend provision store got burnt cos the gas store next to is blew up.
All is life savings was put into the business and he is still owing alot of people money.
I am short of words that's why I brought the matter here.

What can he do now?

He will have to start all over. It is not easy I admit but these things happen and we have to get over it. If he wants to start the same business again he can solicit for help. But he should not give, there are hurdles before the finish line.