If you’re a business owner and your books are full of red ink and your bank account is bone dry, here are some issues to consider going forward.
Take a hard look at your resources. Is it really true that you have no money, or is it true that you just aren’t willing to rob Peter to pay Paul? Does it mean that you’re not going to hit revenue targets, or that you don’t anticipate having cash on a certain date? If you can honestly and accurately describe your situation using numbers (without drama) it won’t solve your circumstances, but it will give you a true picture of where you truly are so you can start working toward solutions.
Do a thorough assessment of your internal capacity. Running a business is a serious matter, and it can leave a business owner feeling burned out and exhausted. You may feel like you have nothing left to give, but do you perhaps have almost nothing (meaning there’s a little bit left)? There is a difference between truly being at the end, and almost being there. If there’s something left, then keep going. If not, make peace with it and move on to your next opportunity.
Look at your worst-case fallback plans and consider doing them. These are the ones you might have thought about in the early days when you were getting your business started. They include things like getting a job in order to sustain your business, taking out a second mortgage, selling your home and living with relatives. These are drastic measures, but is it time to think about implementing one of them? If you haven’t engaged one of them, then ask yourself why not. Either times aren’t desperate enough, or your heart’s just not in it. Ask yourself the tough questions.
Consider what you would do in a difficult life situation where money was flowing out the door. Take your passion for your business dream out of the equation and look at the situation from the standpoint of its being a medical emergency or a job loss. What would your options be? How crazy would you be in trying to solve things?
Put your last efforts into a killer marketing campaign. You need customers and cash flow, so right now is likely the time to double down on marketing. If your business needs to be pulled out of the fire, then throw caution to the wind and go for it.