How to Rebuild a Failed Business - Ask Evan

Hi, I'm Evan Carmichael, and welcome to another edition of Ask Evan. In today's video, I'm going to answer questions from one of my readers, G-Day, who asked me, "Hello Evan, please kindly help me with tips on rebuilding failing business processes or strategies to rebuilding a failed business." Looking forward to your favorable response, Jee Day. So the first thing I want to look at is what is the vision of the company. Does it have a vision or is it something you can come in with and create a new vision for the business? Because it's got to be something you can get behind, it's got to be something you can be really passionate about and that you know is going to help a lot of people. There's no right or wrong vision as long as it's something that you feel that you can really get behind and you're really excited about. So that's number 1, make sure there is a good vision for the business that you can get behind. Number 2 is look at the staff that's currently involved with the business. I'm assuming there's some kind of team on the company and see, you know, do you have the right team on board? If you've changed the vision or if there's a new vision coming in, can everybody get behind it? You know, do you have the right people on the bus with your company? And looking at the skill sets that they have and seeing does it match up with what you need for the business. And hopefully there's some people there who can stay on and can help build the company and take it to that next step. But definitely making sure that your team is on board and you have the right people in place and you might have to go out and find other people to complement the skills of the ones that you have. That's step number 2. Number 3, I'd start looking at talking to my customers and see, you know, talk to the ones who have bought from you in the past, see why they stopped buying from you or see why they are buying from you. Talk about the types of things that they want to see, improvements if it's in the service or new product offerings you can come out with, and as soon as you have money coming in from new customers, it solves a lot of problems with the business. So get them on board, talk about the new vision, talk about the team you have in place, Make them feel comfortable and confident that you're going to be able to take the business to the next step, especially if they've bought from you in the past and they've seen that the company has gone under. You might have some work to do to rebuild that relationship with them, but if you can get them on board, you have money coming in, it can help get your company up to that next step. So I hope that helps. So get the vision in place, make sure you have the right team, and then start talking to your customers, and that should get you on the right track to be building this business. I hope that helped with your question. If you guys liked the video, please give it a thumbs up and leave a comment below. I'd love to hear what you have to say about it. And we'll see you for the next episode.