Backup plan during troubled times in Business

 Backup plan during troubled times in Business

When you started the business, the product or service offered was considered belonging to a sunrise industry.

You had your own successes, challenges and failures.

The market has changed. There is a steady dip in sales, service and other revenue over the last few years. You go around the market and discuss with other players to check if this has been happening to you only. The feed back from the market is that most peers offering the similar products or services are also suffering.

There is a mixed and divided response from your team of partner, employees, and other stake hlders like auditor etc. Your partner feels it is not worth any more. Few others join him too. Yet there is an equal number, which supports the idea of continuing.


If you decide to hold on to that line of business very dearly, and wait for a better time, make possible changes to the revenue model to keep the overheads very low. Invent ways and means of increasing revenue. Increase the number of customer meetings to retain, revive and add them to the list.

Cut corners where ever needed, and ensure that wasteful expenditures are not done. Carry the rupee a mile. There is no harm even in giving pink slips to few employees. The cost cutting cannot be at the cost of compensation offered to the core and indispensable members. 

It is also time to plan ahead. spend a minimum 30% of your business time to scout around for new opportunities, generation of funds for the proposed project, kickstarting the same, etc.

This would have provided enough cushion in life. If the previous business revives great. Your hands are full. Otherwise, you will not be stranded in the middle,  and life will go on.

Good luck and Cheers