How to Save a Troubled Business
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.
Closing your business -- even if it's temporary -- by either selling it or hibernating it, may be the best option right now.
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.
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.
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