Apple, FedEx, and Marvel were all mere days away from insolvency at one point. However, they were able to pivot a bit and – not just survive – thrive in ways they never thought possible. Can you?
It takes the stubborn steadfast nature of an entrepreneur to keep their eyes ahead and stay the course after others have started to abandon ship: that, plus some tough decisions and a whole lot of strategy.
If you think you’re in the final days of your small business, we highly recommend you try at least one of these strategies to pull yourself back up again.
1. Get a Merchant Cash Advance
If you need to quickly inject some cash flow into your business, this can go a long way to turning things around. In fact, cash flow issues are the #1 reason that small businesses have to close their doors forever.
The big banks likely aren’t an option. Their lending standards are extremely high, and the more you need a loan, the less likely you are to get one. But, the good news is you can get fast funding with a merchant cash advance (MCA) through a company like Payvant Capital. These are designed for small business owners like you.
An MCA would give your business access to a cash advance, in exchange for a small percentage of your future transactions. Because your payments are tied to your transactions, you will be making smaller payments when your sales are slow. This can really help you get back on your feet.
2. Don’t Do Everything Yourself
The temptation at this point is to try to roll up your sleeves and do everything yourself, so you don’t have to pay someone else to do it.
This can help, to a certain extent. However, you need to remember how important (and expensive) your time is as the business owner. Your time should only go to high-level and revenue-driving activities.
If you want to join the sales team on a trip to land a new client, that’s a good use of your time. If you’re posting blogs or social media updates yourself, that’s likely “below your pay grade,” and your time can be better spent elsewhere.
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3. Find a Mentor
You’ve probably been so focused on running your business that you might have stopped speaking with someone who mentored you years ago. Or maybe you’ve been bootstrapping it by yourself the whole time with no mentor. In either case, your small business actually has a 70% better chance of surviving if you have a mentor.
It’s hard to put a price on potentially business-saving advice from someone who has been in this exact situation before. However, that price can sometimes just be a cup of coffee or lunch.
Most people love mentoring other businesses and are flattered when asked to do so. If you can find one, take full advantage of their generosity and their experience.
This doesn’t have to be the end of your business’ story. If you can weather the storm by getting an influx of cash to tide you over, while you spend your time more wisely and find a mentor, you can survive.
We hope that we can someday mention your name along with Apple, FedEx, and Marvel as survival and success stories.