What can be done when a business is crashing

[adazeez1995]

That 's business for you. Its unpredictable. Anything can happen any day or anytime. Be iu covid19, fire hazard, armed robbery and so on. However, he shouldn't give up yet. Life's a test. Whatever doesn't kill you makes you stronger. I mean he's not the first person in history who has lost all his investment in one day.He could still bounce back, this time more spectacular. If he was a good guy who had a lot of good people around him. They might decide to lift him up at this trying times and form a strong support network round him. Relatives, friends, colleagues, church members could extend a hand

 

[Damismiling]

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.

Oh you are very correct, insurance is very important for the company, it's a survival means in case of trouble, it will be helpful when the business run into trouble. Soliciting help from family can work if he has an helpful family

 

[Hammad1245]

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 suggest to invest in more than one businesses. This decreases the risk of losing your all wealth. Once a business is completely deteriorated it is difficult to regain it. So now he should collect some money and again start with more than one business.

 

[Shaffy]

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?

Insurance. That's one thing people neglect in business, especially if you own a shop.

What he should do now is try to get a job, or a small business that will enable him to pay back the loans, then start afresh.

 

[Shivay]

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?

Thats really very depressing. If everything was lost due to that, then first he should contact the Bank, and talk about that insurance and apart from that he needs to take some money from his neighbours or his some savings to get his shop back to normal.
Really Sad about him!

 

[Trojan8]

Oh you are very correct, insurance is very important for the company, it's a survival means in case of trouble, it will be helpful when the business run into trouble. Soliciting help from family can work if he has an helpful family

Totally, in the western world insurance is a big deal and people appreciate it. For developing countries they don't see the need for it and when things like this happen, people suffer for it. I guess depending on family is the way to go for the time being.