What can be done when a business is crashing

[shakky2]

many things can be done when a business is crashing but the most important one is revitalising the business,this can be done through reviewing the business plans and structure of the business and also taking into account the factors that lead to the business crashing

 

[Damscooguns73]

Concerning the scenario that happened, well, it a pity and I really feel sorry for your friend but If there is an insurance plan that covers your business, there won't be much reason to panic because insurance will cover you.

 

[Abigael]

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?

That is so unfortunate that such a tragedy happened and costed him his business. The cause of business failure here is the store getting burned. I think the source of the fire, which is the next gas store is to find a way to compensate your friend for the losses. Then your friend can restrategize and find a way to raise the business again.

 

[gammarays]

I think it depends on the period of time and prevalent situation the business owner finds himself. The first thing to do is to try and note what caused the initial problem and try to salvage it on time. If that is not possible, you can go for a merger with a more stable competitor or allow it to be taken over. It's a very painful experience watching a business you gave all for fold up.

 

[Bilal0087]

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?

O my god, I'm feeling very much sad for your friend, may God help him and give him patience. I think now he should do a job somewhere and start saving money and also make some other strategies to develop new business.

 

[Heatman]

you should seek help of experienced people who had experienced businesses crashes and collapses before and managed to step on them, otherwise, sell it for any possible available price, it's better to sell for cheap than lose everything

Fire accident doesn't afford you the opportunity to get left overs from your business products and sell them. This is why I hate fire so much because it can be very devastating. If it's flood, the goods can be recovered from anywhere the flood carried them to but fire, it's not possible.

 

[Ralphjoe]

This case of your friend requires business insurance, had it been that he insured the business against unforseen circumstances or events, your friend wouldn't be that bordered about what happened to his business as he will be compensated for his business loss. This should be what all serious Businesses should do in the course of their operation.

The only thing he can do in this situation now is to start over, plan this business very well, he should never repeats his first mistake of not insuring his business again risks such as accidents, theft,vandalism e.t.c. This is so that he doesn't get to experience this kind of situation ever again.

 

[Sotherefore]

It's all about your mind levels because if you are able to maintain the crashed things properly I don't think so you will get more loss and to handle and maintain the situation everyone will cooperate with you and they will manage the loss that you had lost in bad time.
There are several ways to overcome these problems like you can concern with experts those experts who are running businesses they will guide you well.

No matter a way you try as much as possible to prevent and to overcome the pressure of such situations you will always feel depressed because having a successful business but unfortunately it was completely burn down it's not something someone need to just forget about like that because come to think of it what if he was using a loan to set up everything how will you pay back the loan now sometimes you just need to be very strong in the heart if not there's a higher possibility of committing suicide.
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It's all about your mind levels because if you are able to maintain the crashed things properly I don't think so you will get more loss and to handle and maintain the situation everyone will cooperate with you and they will manage the loss that you had lost in bad time.
There are several ways to overcome these problems like you can concern with experts those experts who are running businesses they will guide you well.

No matter a way you try as much as possible to prevent and to overcome the pressure of such situations you will always feel depressed because having a successful business but unfortunately it was completely burn down it's not something someone need to just forget about like that because come to think of it what if he was using a loan to set up everything how will you pay back the loan now sometimes you just need to be very strong in the heart if not there's a higher possibility of committing suicide.

 

[Heatman]

This case of your friend requires business insurance, had it been that he insured the business against unforseen circumstances or events, your friend wouldn't be that bordered about what happened to his business as he will be compensated for his business loss. This should be what all serious Businesses should do in the course of their operation.

The only thing he can do in this situation now is to start over, plan this business very well, he should never repeats his first mistake of not insuring his business again risks such as accidents, theft,vandalism e.t.c. This is so that he doesn't get to experience this kind of situation ever again.

This was actually the only best solution that would have solved the problem for the business owners without him or her having to worry about anything. He would just inform the insurance company of the incident and they will come and carry out their necessary inquiries before they pay him for his losses depending on the kind of insurance he had.

 

[GIFTMICHAEL]

They just don't care about the poor businessmen with all the tough challenges they are facing in the market sector but they will always send out task force to get all the tax and ticket money the business owners are supposed to pay. Once they fail to pay, their shops will be locked up.

It is only in Africa that I knew that devil is wicked.
We have wicked rulers, wicked politicians, wicked system and wicked governance.
They can't help the poor. They don't care the way we manage to survive.

 

[Aniwhyte]

I'm so sorry for the predicament your friend is currently going through, if I own a business and it is crashing then it's either I borrow money from friends to lift it up or seek for ideas that would take it back to it's feet again, but if no hope for revival then I'm sure putting it up for sale and use the capital to start up another business.

 

[Seun4luv]

Have you ever been in a situation as a business owner, where you felt like things seemed out of control. The way we do this in business is by following a process. We note down which stage of the process we're on so if and when something

 

[Heatman]

It is only in Africa that I knew that devil is wicked.
We have wicked rulers, wicked politicians, wicked system and wicked governance.
They can't help the poor. They don't care the way we manage to survive.

The truth is that some African countries have good leaders who care for their citizens. But some places like Nigeria, even though they are tagged giant of Africa, they are the ant of Africa because the government only lives for themselves. There are so many people who are experiencing this kind of loss every day in the business but the government does not care to aid them.

 

[GIFTMICHAEL]

The truth is that some African countries have good leaders who care for their citizens. But some places like Nigeria, even though they are tagged giant of Africa, they are the ant of Africa because the government only lives for themselves. There are so many people who are experiencing this kind of loss every day in the business but the government does not care to aid them.

You are right. Nigeria has made a bad name and have allowed corruption to swallow the entire system.
The citizens are now paying the government through colorful taxation. Taxes are used judiciously but here you only pay tax for no good use

 

[Heatman]

You are right. Nigeria has made a bad name and have allowed corruption to swallow the entire system.
The citizens are now paying the government through colorful taxation. Taxes are used judiciously but here you only pay tax for no good use

We that are into business just stay one side and be looking at the government as they loot the state resources without any checks or balances. Even those that are awarded contracts to build good roads end up pocketing the whole money. They all don't care because they hardly drive on the bad roads but use flight always.

 

[GIFTMICHAEL]

We that are into business just stay one side and be looking at the government as they loot the state resources without any checks or balances. Even those that are awarded contracts to build good roads end up pocketing the whole money. They all don't care because they hardly drive on the bad roads but use flight always.

This whole thing is very worrisome.
They don't care about the future of their country.
The youth they said are the leaders of tommorow are dying everyday.
Businesses are crashing because of government negligence. Etc

 

[ahmedo24]

You are right. Nigeria has made a bad name and have allowed corruption to swallow the entire system.
The citizens are now paying the government through colorful taxation. Taxes are used judiciously but here you only pay tax for no good use

It is actually sad for the bad leadership in the country though bad followership also contribute because we have seen scenario where BOI give out loan to people to do business and return for others to benefit but refused to return.

 

[GIFTMICHAEL]

You don't

It is actually sad for the bad leadership in the country though bad followership also contribute because we have seen scenario where BOI give out loan to people to do business and return for others to benefit but refused to return.

You don't have to blame the citizens because the system is already porous.
Our government don't want to accept responsibility for their inaction.
When you create the right system people can not collect loan without remittance.
Government should stop making us to blame innocent citizens trying to survive on themselves.

 

[Yan]

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?

That's why businesses need insurance, it could have saved a lot of things. He/she could take a rest and rethink the business, if it was profitable before it burnt, he/she could burrow a little more money to reinvest. Again I'll restate it Insurance is very important to any business you do.

 

[ahmedo24]

That's why businesses need insurance, it could have saved a lot of things. He/she could take a rest and rethink the business, if it was profitable before it burnt, he/she could burrow a little more money to reinvest. Again I'll restate it Insurance is very important to any business you do.

Yeah, insurance is very important in business but the fact is that most of don't take it serious especially those into small businesses and eventualites are not predictable nor inevitable so the best is to prepare for them.