THE BLOG
04/12/2016 04:28 pm ET Updated Apr 12, 2017

5 Crucial Steps To Take To Revive Your Dying Business

Starting a small business is already challenging enough. To keep it going each day is even tougher. It requires more than just hard work for it to thrive. You also need to have a solid marketing strategy so your brand can reach potential customers while strengthening your relationship with repeat clients at the same time. However, having these two doesn't mean your business' success is already guaranteed. Obstacles will be on the way and you need to conquer them or else, your brand (and ultimately your business) will die.

So today if you're reading this, chances are your business is on the verge of death. The situation may be worse but here's the good news: It hasn't died yet. There's still hope of taking control of your failing business and here are five ways to help you get started breathing life back to it.

1. Assess the situation.

When you're not feeling well, the first thing you do is go to a doctor so whatever's causing your sickness can be diagnosed. When you obtain a diagnosis, that's when you can start with the medication. You don't self-medicate because it can make your situation worse. It's the same thing with reviving your business. You spend time first figuring out the root cause of the problem. After that, you come up with an action plan that will address (and eventually get rid) of the problem.

2. Find the right people.

You'll have a hard time turning your business around when the people you work with and who work for you do not share your vision. So cut ties with the wrong people first then find those who can help you resurrect your dying business the soonest possible time.

3. Reinvent your product.

In this ever advancing world (with ever changing customers), your business won't be able to keep up if your products and services don't breathe innovation. So work with your new (and right) people to innovate your offerings. See your products and services from the customers' vantage point and put yourself in their shoes. Take inspiration from how your competitors are doing their thing. These will help you produce a new product or service that will get your customers' attention.

4. Source some funds.

You can't launch that new product or service without money. And since your business is dying, you obviously can't get help from banks. With this said, your next best option is to take a small business loan from a private funding institution who helps struggling businesses get back on their feet. You can also take funds from your own savings account or sell some of your assets so you can have cash as soon as possible.

5. Rethink your marketing strategy.

You now have the best offering you can come up with and the funds you need to launch it to the masses. But instead of marketing your new offering the same way you did previously, you have to come up with a marketing strategy that will prove to be effective this time. Brainstorm with your people and work as a team until you figure out how to get back the customers you've lost and gain new customers in the process.

Reviving a dying business is one of the most daunting tasks you'll ever face as an entrepreneur. But it's not impossible. By being consistent with the effort and hard work that you and your people put in (and following this guide), you'll breathe life back to your dying business again.