Turning the business around

Sometimes business declines because there is a lack of demand for the product or service and no amount of clever marketing is ever going to increase sales.

Recently I saw a feature on a news programme about a firm making sheepskin coats that would have to close if a buyer for the business was not found. Apparently sales had been in decline for a couple of decades.

I would have thought twenty years was long enough for the owner to see that diversification or a complete change was what was needed to save the business, and the jobs of the skilled workers who surely could adapt to tailoring another product. Also, while everyone wanted a sheepskin coat thirty years ago (yes, I had one) hardly anyone can afford to spend £800 or US $1,340 for a premium coat to keep warm.

I sympathise with those who wish to carry on the tradition of a company a century-and-a-half old but in the end all business owners have to think about preserving their income and that of their loyal employees.

If our business is not working we have to accept that there is something the matter. We must make the change. If we are stumped as to what to do, we must get help.

We all need help at times, otherwise we might be out on our uppers. That would be a real shame, wouldn’t it?

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