What To Do When Your Business Is Off Track

We apologize for being gone for several weeks, doing blogposts for Staples.com on the above subject, which proved to be very popular,with over 100 responses.

Anyway, we thought we’d repeat our advice, which was started by a business owner in Big Rapids, Michigan, and we thank him for it.

1. If you have a salesforce, look over their metrics to see if they’re all working up to standard and goal. Look at possibly adding sales reps,whether employed by you or independent sales representatives. We find that the most successful companies these days have the best sales representation.

2. Review your market position relative to your competition….have they done something that would take sales away from you? New products, revised pricing are the usual suspects.

3. If getting off track involved losing money, can you get loans to finance sales and distribution to get back on track? Money center banks aren’t fond of making loans to companies of less than $10 million of sales, so you might have to go shopping for it in second tier banks, e.g., local community banks. You might be able to factor receivables, too, or get a loan against large orders for production parts and supplies.

These are just our starting points. If you don’t think your situation conforms to our suggestions, give us a call at 1-800-716-9626.

3.If getting off

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One Response to What To Do When Your Business Is Off Track

  1. John Cameron says:

    I’d say look at the quality of your meetings. If a company has a good “inventory” of meetings and runs them well then the 3 points above would have been picked up before the company got too far off track. i.e. weekly sales meeting, monthly market review, and monthly financial to compare to the forecasts.

    There are more meetings that that, but they should be run well and focused on business objectives with the right people in the room.

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