by Lou Belcher

Created on: March 01, 2009

What to do when the future of your business is unclear.

If the future of your business has become unclear, don't immediately give up. Instead, shine a bright light on your business to determine why the future is unclear and what to do about it. One of the big decisions you'll need to make is whether to continue or not. First, here are some steps to take in looking at your business when the future is unclear:

1. Study your business. Have you taken a hard look at the reality of your business? Look at all angles of it in great detail and determine if it is possible to save it as is. While you are looking at it, make a list of ways you can cut costs. It doesn't matter how little the saving, put it on the list.

2. Reassess your goals. If you can't save your business as it is, reassess your goals. Determine which part of your business you can save. Take a look at the market and determine if your business has kept up with other like businesses. Write your new goals accordingly to address the market and the changes you need to make.

3. Revise your business plan to reflect the changes in direction needed to breathe new wind into your business.

4. Take a hard look at the finances of your business and determine what changes you need to make. Seek additional financing to implement your new plan, if needed. Also, seek financial counseling if you think that would be of help to you in revising your business.

5. Begin to implement your plan. If that means downsizing, then do so. No one enjoys cutting staff, but if that's what it takes to meet your budget, that's what you'll need to do. At times, there are more humane ways to lower the number of employees than laying off staff. One way is through attrition. If someone quits, shuffle positions and workload without filling the position. That way you won't need to fire a staff member. Or, you could offer your staff the possibility of going to half time and sharing a position instead of having to let anyone go. Creativity is important when revising your business.

6. Ensure your marketing is on target. Analyze the market and see if it has changed since the last time you made your marketing plan and revise your plan accordingly. Also, ensure you are marketing by the most effective means. It's important to stay on top of the times.

Once you've implemented your new plan, stay on top of it. Reassess it frequently to ensure that it is turning around. Seek guidance if need be. When the future of your business is unclear, you need constant vigilance to determine whether or not to continue.

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