Doug Flynn, CFP on Fox Business News (FBN) FOX Business Morning with Jenna Lee
If you are in the unfortunate situation where your business is failing, then this blog post will give you some fast, fast action recommendations on how to stop a business from failing.
1 ) Raise Your Prices
For a lot of entrepreneurs, this advice is counterintuitive. They see a lot of their competition reducing prices so they do the same. thing. All this does is help you go out of business quicker. The actuality for lots of business owners is that there are less folk out their buying whatever service your business sells. If you lower your costs, you will find that you’re making less cash on the people you do get in the door. Lowering prices and going for more volume is seldom a smart method, and it’s particularly perilous for a small enterprize owner. So try this instead.
Raise your prices.
That’s right, charge more. I recommend adding more price to whatever it is you offer as well. Give a bolder guarantee. Improve your shopper service. Since you have less people purchasing for you, the smart way to make up for it is simply to make the transaction value of each buyer higher.
2 ) Contact Previous Customers
Here’s an easy technique that may bring in a bunch of cash to your business quickly (as a specialist, this is my favourite one to use when a business keeps my services). If you have built up any sort of past customer/client list at all, then this is a no brainer. Send them an offer in the mail (mail works better than email) giving them an offer they won’t refuse.
If you are in a business that does business with a person then hit up that past purchaser list for referrals. But in this sort of economic environment it would behoove you to get all you are able to out of all you got.
3 ) Get out and sell something
So many business owners are frightened to sell something. They want to kick back and take the drip of people who somehow manage to find their business and give them money. Well, which will work okay in a commercial upward swing, but when there are less consumers in the marketplace, not so much.
So get out and sell something.
Do something. Be somewhere.
Move Fast!
If you want to save a struggling business, then be proactive about it. Don’t just sit there and bitch about it. Want some help? Get my totally FREE report, the Business Bailout Plan at BusinessBailoutPlan.com
Watch the video related to business bailout money
Doug Flynn, CFP and Jenna Lee discuss the government bailout of GM and GMAC in another top story of the day on December 29, 2008. Is this a good thing, and should you invest in GM stock because it received bailout money? Or should you invest somewhere else?
Help answer the question about business bailout money
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June 29th, 2009 | by business money |
Tags: AIG, bailout, bank, Billion, boobs, BUSINESS, cash, comedy, crash, for, funny, GM, humor, Investment, money, satire
By larryrataczak on Jun 29, 2009
By mr pickle on Jun 30, 2009
It is not really meant for private industries, as you see with whats going on with the auto companies they would have to put in a bill that will change how the bailout is to be used. Now for banks they need to loan them the money to unfreeze credit that big companies use to upgrade their business and pay employees which hopes are will help business itself as well as the struggle of everyday people.
Basically you have to be really important to be bailed out.
By bluestatebobby on Jun 30, 2009
No Bailouts, No Welfare, No money sucking Lefty's in office. What a dream come true.
By KGMadMan on Jun 30, 2009
Probably the best safeguard we can put in place for these people would be caskets.
By HeavensToMurgatroid9 on Jun 30, 2009
it would be nice to have a press in this country that was empowered to actually do some research …
if we did perhaps they would be researching a couple things right now:
1) how much has Northern’s biggest competitor, State Street Bank (of Massachusetts!) contributed to Messrs. Frank and Kerry? might there be a link between this and their fake moral outrage?
2) have F and K accepted ANY contributions from TARP receipients since TARP commenced? if so, how do they justify it?
By Aaron on Jun 30, 2009
What a CEO makes should only be the business of either a compensation committee designated by the Board of Directors or the Board of Directors themselves. The government should never become involved in running private businesses which is why they should not be bailing them out.
By Levi's # 1 employee!!! on Jun 30, 2009
sure, just build your business up to employ 40,000 people, and have paid $1,000,000,000 in taxes over the last few years.
By falisrm on Jul 1, 2009
now serving number 8,764,031. take a number and get in line. let's see, you'll be behind california but in front of GMC. good luck with all a that! lol
By Banji2009 on Jul 1, 2009
Yeah, but in another report Northern Trust said they never asked for the money, but that the government wanted all big banks to participate. Is anyone else disturbed by that?
By everEbody on Jul 2, 2009
Does anybody know what thegas4free.blogspot,com is that Obama has been talking about?
By Al on Jul 2, 2009
Most states already have bail out money in the form of small business loans, and all sorts of help for the small business. I doubt you have a small business, only a small mind. Peace.
By street86 on Jul 2, 2009
Fuck this!
By LivingDeadGirl1981 on Jul 2, 2009
It’s ironic that CBS is exposing this when they received a portion of the money since the tournament was broadcast on their network and Northern Trust paid for the advertising.
By mizzjaye123 on Jul 2, 2009
This money and any money here after needs to go to the people. Some of this money needs to be taken back. Does anyone have suggestions on how to shake a leaf off this tree and be heard? The government needs to hear from the people.
By anthony6661 on Jul 2, 2009
omg
By otakuleatherneck83 on Jul 2, 2009
This is why I still couldn’t find a job yet, and these NT idiots are spending a whole lot of those reserve money of ours.
I hope they all end up in a Spanish bull run chase after wearing red clothes and have all their asses trampled. THESE BASTARDS CAN ALL ROT IN HELL!!!
By Sara on Jul 3, 2009
Because they think that by burying your head in the sand and throwing money at the banks it will stop people losing their homes and everything will be ok.
Since they don't live in the real world it is the people in the real world that will suffer from idiots like Bush and Paulson and their protection of a Capitalist system that over-stated their values, mis-managed their accounts and lied about their liquidity.
This sadly runs all the way through the American political system.
This is a depression period and is a time when all the over-inflation of value of homes, businesses, etc all re-align at their lower values.
everything was over-stated in value so that peoples greed could be satisfied.
Unfortunately it should not be rewarded but the american way is to reward stupidity.