To save your small business, you'll need to take a hard look at cash flow and cut costs. To help you negotiate the process -- and make sure that your hard work won't be for nothing -- create a business survival plan, redo your financial spreadsheets with an eye toward getting back to profitability within six to 18 months, and consider putting together an advisory board.
Saving a Money-Losing Business With a Business Survival Plan
Here are some business survival tips for businesses going through tough times.
Is It Time to Hibernate or Sell Your Struggling Business?
Closing your business -- even if it's temporary -- by either selling it or hibernating it, may be the best option right now.
5 Ways to Cut Costs to Save Your Cash-Strapped Business
There are many ways to reduce the amount of money flowing out of your business—and implementing just a few can make a big difference.
Here is an outline of a sound layoff protocol you can modify to your needs.
How to Support and Motivate Your Remaining Employees After Layoffs
If your employees feel fairly treated under the circumstances and believe you have set a course to outlast the economic downturn, they are far more likely to stick by you.