Small businesses often struggle and find it hard to stay afloat.The SBA states that only 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10. If you're afraid your business may be in the stages of failure we may be able to help. Here are a few ways to recover your business from near failure.

Figure Out What’s Wrong

What is the issue in your business that’s pushing you to the brink of failure? Is your profit margin large enough? Are you keeping your customers satisfied? Is your product or service one that there’s a need for? It’s important to learn why your business is failing so that you do not continue to damage it.

Protect Your Assets

Not all of you net worth is tied to your business, so it is important to protect yourself and your assets outside of your business. One of the best things you can do is NOT personally guarantee any sort of business debt. You may be tempted to keep your business from failing, but doing so could result in you losing far more if your business does fail.

Make a new business plan

It is clear from your near failure, that your business plan may have some flaws. Most of the time these flaws are out of your control, like predicting the economy etc. You’re probably full of great ideas on how to succeed on your way back up from failure, so this is the perfect opportunity to create a new business plan. Here’s how to create a business plan to avoid failure:

• Make an overview- Be thorough when you’re doing this, you need to have a well thought out plan.
• Define what sets your company apart- You have to be unique to succeed in over flooded markets. Decide what it is that makes your business original and expand on that. Be clear about what you offer and what your skills are.
• Marketing- Think about marketing goals and strategies.
• Finances- If you’re looking for funding, you’ll need details on how much you need and have your financial projections ready.

Cut costs

Cutting costs can be hard to do, especially when it means letting go of employees that have given you their all. However, in order to save your business and everything you’ve worked for, it may be necessary. Start with frivolous things that you definitely do not need. Cutting supply expenses can save you a bundle on its own. Other areas that can be cutback to save money include:

• Insurance premiums- Call and make sure you’re only covering what you need to and shop around for better rates.
• Production costs- Reduce waste and increase you business’s efficiency with what you are buying. Contact your supplier and let them know you’re shopping around, they may offer you a discount.
• Marketing- Modernizing your marketing efforts can reduce cost exponentially.
• Employees- Reduce to the minimum number of employees and make sure their hours align with your maximum need.

Get your finances in order

Finances can be such a scary thought for somebody who has nearly lost their business, however making sure your finances are operating smoothly and making you money is vital to a successful business. To start with you need to set some financial goals that align with your business sales goals. Don’t forget to set a deadline for any goal you make. Once you have your goals you can start building your plan. Since you’ve already been in business you know how much supplies and employees can cost so making a prediction isn’t as difficult for you. Once your financial plan is complete, and realistic, make sure you abide by it! It is there to help you succeed.

Nearly losing your business can be a hard and frightening time. Taking the necessary steps to correct and save your business can be life changing. Quikstone Capital Solutions has been providing small business owners just like you with merchant cash advances to stabilize and improve their companies for more than 10 years. If you are in need of a cash to cover unexpected costs, or if you’re looking to make long overdue improvements, fast funding with a merchant cash advance could be right for you. With the ability to quickly qualify and get your money in a timely fashion, there is no more convenient business loan alternative.