How To Bring Out Business From Loss? 8 Important tips

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Introduce to Bring Out Business From Loss

I was meeting with the client in New York City; we were discussing some of the main points of the deal. Suddenly, a message appeared on my phone that my company had suffered a loss of $30 million.

This news shocked me. I ended the meeting prematurely. I went to my office. Most of my colleagues were in shock. Soon, everyone’s lives will take a huge and unexpected turn. I will share the next steps I have taken to transform my business:

Change Management:

Although it was difficult to even think about it in the first few days, it was the next bold step I had to take. I analyzed my current position in the business. I saw my reports for the last 6 months. I also saw the changes that my company’s competitors had made.

I sat down with my other colleagues and took the feedback from each of them. We all agreed that we should make certain changes in our approach. The next few days were a little crucial, but we were all sure that we would overcome these crises.

Talk to Clients:

My phone rang with so many calls, from some long-standing customers of my company. I was able to assure them that we were going through some tiny changes. I even told them that, our contracts remained intact. Our best services are always there for them.

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Talk to employees:

It was hard for me and some of my dedicated staff that we let go. My human resources department compensated them well.

They received experience certificates from my company and we wished them good luck.

Improvement in Processes:

I also discussed our current process cycle with my team. We lacked some steps. So we came to step-by-step changes that will show their effect in the next 3 months.

Again, it was not an easy task. Our teams held meetings with the production team. It was worth investing time. We tried out innovations in our early production lines, which helped us to save costs and even optimized the overall output of our products.

Important Lessons Learned:

I even looked at the key decisions, I made in the last year. All of our departments’ heads were sitting next to me. We had open discussions on it. We were able to figure out the mistakes, we made.

We made a list of it. We even talked about a set of corrective actions. We even set up monitoring teams, which will analyze the key performance indicators of each department, will report to me on monthly basis.

Self Evaluation:

I also sat down with my mentors; I gave them an overview of myself. It took me a while to come out of a state of sorrow. One of them said to me, that I was not ready for it. Some of them gave me important advice, about giving time to myself.

I started to reschedule my day-to-day routines. I worked on myself. I started going to a public library in my neighborhood. I was not sure about the titles. Dianna, the librarian, suggested to me the latest best books for starting a business.

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It helped me to understand, that passion and hard work will pay off. It gave me a way to keep my hopes alive in my company. I even learned that, persistence and thinking out of the box were important. It even taught me to try new ways not become fearful of it.

Talk to Vendors:

I got calls from my suppliers about the payments. I just had a meeting with my accounts department in detail. Then we visited their offices and assured them that the contracts will remain intact.

Restructuring of loans:

Many installments were due; I got so many emails and calls. Even some Bankers visited my office. We spoke to them according to the plan. We were able to close a win-win deal. My company’s payments were deferred.

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Conclusion:

My company was able to recover after we had all worked tirelessly for many hours. It gave positive feedback to all those involved. I admit it was not that easy. It was all a team effort. My team has confidence in me. It was a phase that led us to rethink and re-evaluate our skills and work hard to achieve our goals.

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