What To Do When Your Business Is Failing

What To Do When Your Business Is Failing


– So what do you do if
your business is failing, that you know you’re not
generating enough revenue, you’re not bringing enough cash flow and you say to yourself, I don’t know how long I can sustain this. I don’t know, how long do I
have before I run out of cash? What do you do, how to
solve this problems? Now in my business career,
I’ve been near bankruptcy twice in my business career. I’ve never filed bankruptcy
in my entire life, but two times it was near bankruptcy and they are also a couple incidents where I was leading a company, I was turning around a company and so what did I do when I
go in there, try to fix it? So maybe you’re in that situation knowing that you’ve got maybe weeks or months left and you got to turn it around. So what do you need to do
in order to turn it around. Today, I’m gonna give
you three powerful ideas of what you need to focus on. Number one, you want to
focus on cutting expenses. What do I mean by that? You need to look at it, now I’m not. If you studied my work, you
know that I am not a person that believes in being frugal
and being cheap, right, as the king of high ticket sales, but when your business is failing, you need to squeeze every
dime of profit that you could. You need cash. See, business only go out of business because they run out of cash, period. As long as you have cash coming in, meaning the payroll, paying
all the overhead, you are okay. It buys you time. So I want you to think of
all the expenses you have. Look at every single line
when your business failing, what are some of the
things that you could cut? Do you really need that for now? Can you sell off some stuff
to generate some more cash? You need cash in the bank, so focus on cutting unnecessary expenses, especially those recurring
expenses, the one that, those expenses that it’s
like a monthly charges. Do you really need those things? Do those things, those assets, those things bring you more money. If not, you cut them. Look at every single line. That’s the first thing
you need to focus on ’cause you need cash,
you need to buy time. The second thing you need to
focus on is focus on sales. What I mean by that, you
see no businesses succeed overnight and no
businesses fail overnight. It’s failing because you
are failing as a leader, as a CEO, running a company. It could be that if you’re honest, are you focusing too
much time on the thing, on the invention or the product or making it all perfect on the service? Doing a lot of fancy shit
instead of getting to the core of the problem, or are you focusing time on generating revenue, producing sales. No company goes out of business
because of too much revenue, so chances are, as a leader, your mind, are you not focusing enough, paying enough attention to sales, or maybe you say, well,
sales is not my thing. I just manage people. That’s the fucking problem. That’s why your business failing. You need to be the number one sales person advocate for your company. There’s no one within
my dental organization that can sell better than me, period. I am the number one salesperson the number one closer for my organization. Look at Steve Jobs. No one can sell Apple
better than Steve Job. When they do new product presentation. He’s closing, he’s doing
a product announcement, ideas, marketing, he
is a marketing genius. Remember, it’s not the thing it’s the thing that sells the thing. You need to figure out what is the thing that sells the thing? What is the thing that moves the needle? What is the thing that generates
cash for your business? How does that work? How is money being made? You need to know that
process inside and out and with your business failing, all in, you better be, you better
be sleeping, breathing, living sales every single day. How can I sell more? How can I sell more? How can I sell more? Can I go back to my old customers? We activate and sell them again, my existing customers right now, can I sell them more things
we’re gonna get new customers. Focus on sales. Number three. You want to focus on learning. You want to focus on learning. Chances are, if you are in this situation, if you get yourself in this situation, there’s something you don’t know, there’s something you’re
not, you’re not sure of, you don’t have enough knowledge. That’s all that means, you see the books that you
don’t read don’t help you. It means now as you are cutting expenses, you’re focusing on sales, but at the same time you got to learn. You got to learn. You got to have more
information, more knowledge, so you have more choices, more solutions to solving one single problem. ‘Cause right now you see
the problem in front of you. You don’t know how to solve it or maybe you only have one
or two ways of solving it. But when you know more and you learn more, now you have three, five,
10 ways to solve it. You can solve it faster. You can solve it with less resources, you can solve it with ease, but you won’t know the
answers if you don’t do that. So we can see all these things as the leader of your company, as the CEO of your organization, if you have to be very,
very honest with yourself, do you have expenses that
really you don’t need? It’s nothing more than
the ego-driven expenses. It satisfies your ego. It doesn’t produce any revenue, it’s not, that doesn’t do
any good for the company. Do you look down upon sales? Do you feel like sales is not your thing? It’s not important thing for a company, and you spend all your time
focusing on the widget, the product, whatever the service is. Or do you know the business you’re in, which is the sales and marketing business. You are in the business of marketing your products and services, it’s the thing that sells the thing. It’s not the thing. And then are you learning enough? Are you spending enough time? Do you learn from someone that
has been there and done that? Do you learn from other entrepreneurs what are the best practices. How well do you know your competitors? How well do you know your enemy? Just like the saying,
keep your friends close, but keep your enemies closer. You should know your enemy, your competitors better
than they know themselves. When you can do that, you can beat them, but you don’t do that. You don’t know enough about yourself, your weaknesses, your strength. You don’t know enough
about your competitors. You’ll never win. Your competitors will always out earn and outperform you and outsmart you. You don’t want that. If you’re serious about
turning around your business, if you want to expand the possibility, I have an invitation for you. Click on the link below and
join me, my global community. Dan on Demand, where every single month I’m gonna teach you some of
the most important lessons I’ve learned when it comes to business, when it comes to advertising, when it comes to entrepreneurship, when it comes to decision
making, management, and leadership that we have thousands and thousands of students worldwide, thousands and thousands of entrepreneurs worldwide getting together, learning, growing every single month. So join us. Click the link below and
I’ll see you in class.

You May Also Like

About the Author: Oren Garnes

100 Comments

  1. What was your biggest takeaway from
    my video? Comment below.

    Also, you can comment any questions
    you have for me.

    I might feature your question
    in one of my next videos.

    Don’t forget. Like. Comment. And subscribe.

  2. Great material here, Mr. Dan. Thanks! I do have a question (not related to the video, though): according to your experience, is marketing and selling separate but related concepts? Seems to me that selling is the byproduct of marketing. Many thanks, once again!

  3. What if the problem is getting leads to sell to? I can close 60% of my sits, but without leads that's useless. Any advice when lead gen is the problem?

  4. This video came out at the righ time. I've been failing miserably dan. But I will never forget what you once said:

    "The most important characteristic of successful entrepreneur, is the ability to endure pain for a long period of time"

    – Dan Lok 2018

  5. There are many bullshit prank videos on the internet (you can see whenever you open trending page) who are getting millions of views and I am following Dan from about one year and his videos have about average views of 50k – 150k , now I understood why there are very less number of millionaires and multimillionaires and why the business loses because they fucking waste their time in pranks and their life is going to be a prank

  6. I'm watching your videos frequently. I am on my e-commerce journey, and you sir is the one who inspired me to start looking and take action to get to be my own boss. I am so eager to do things differently now…

  7. Thanks Mr. Dan Lok. I am working with your 3 ideas in this video to fix my company problems. No 1 i have done, but no 2 and no 3 is the most important for me, and i working it and improve it.
    Many thanks sifu Dan lok from Indonesia.

  8. Right now, in my affiliate marketing business, I still continue learning new things, new strategies and apply them so that my dream business will continue to work and run its pathways towards the success in generating more sales and revenue. Thanks for sharing your great ideas, Dan!

  9. I like your video because of you are not wasting time by putting some channel introduction and subscribe our channel messages, These are the things made me subscribe

  10. "When you're not bringing enough cash flow and you say to yourself "I don't know how long I can sustain this"". Well, it is what every comic book publisher is asking right now. Unfortunately, only Marvel and DC could pay for your consultancy, or move forward with your consultancy. Some comic hosts are trying to find another way, but sites like Webtoon or Patreon require that the creative team works until death without generating a profitable, or viable, revenue. The comic industry is collapsing, generating smaller and numerous indie creators. However, in this business, there is no competition, but only domination. Every game, every comic, all the top sellers are taking 80-95% of the market. Independents can't do much. Still, I'm a f*****g optimistic and stay in the entertainment industry, trying to figure out a way to make it works… with games.

  11. Wish I had seen this before my business went bankrupt… but things happen for good reasons, it can be that I have to go those processes before I REALLY learn the better stuff. Now I know I am on my way up!

  12. True that they we should be the best sales person in our own company where we think it's not our job. All 3 points are very valuable and not maintaining those will lead to bankruptcy.

  13. the books you don't read don't help you.(Yoink) i never finished fu money so im going to be reading that by the end of the week. fingers crossed ill be able to make some sales using eBay this week.

  14. My business isn't failing but watching this anyway because I absolutely don't want to fail and I want to know what to do if that ever happens :-). Thanks Dan for all your video's and insights!

  15. This can only come from someone who experienced it. For most of us, when things fall apart, you get in this panic mode. Its great reminder to what to focus on even when things are going well., Great info!

  16. if you are rich and succesful and you haven't failed before, you are either super fucking lucky or an amazing business man from the start

  17. Hey Dan, I have a question: Do you think ego is necessary for success? In martial arts and common wisdom would say ego blocks your progress, but if you need to walk a path that is different from most people, wouldn't believing in that different path needs some form of ego? Doesn't it make you motivated to improve yourself because in being humble sometimes you get pushed away by other people's beliefs and eventually you get brainwashed and start reverting back to sheep mentality?

  18. My mentor!! Being watching your videos and it has really changed my mentality, and I really needed this video for my business

  19. Dan lok. .please make a video on banking sales. .I'm struggling to sell each and every day. But I want to become like u

  20. Hello Dan, i have a question if you could please answer it. So i am aware than financial freedom is a MYTH, but what abount being financially satisfied in the sense of being genuinely happy after youve achieved your goals or have everything you want?

  21. Point 3 (5:00) sounds like a math problem. You might not know how to solve it unless you learn, and if you learn you'll see more ways to solve the problem. Some ways might be faster but they'll all end up with the same answer but if you don't know what you're doing then you have a small chance of getting it right.

  22. What I see here is work yourself up to become the right person, waiting for the right time and be at the right place

  23. Great Dan! All those are very powerful insights. My case is this: I'm losing market share because other Fuel Pump competitor are selling with 4.00 less than me. And I can't get the product paying less since government regulates prices. How to fight against price on a commodity as Petrol?

  24. Dan, seriously. You are just a legend for me. I will be a multi billionaire and I will change the world. Thank you sooo fucking much for all your videos.

  25. Dan on Demand is great. it's not just a place to learn more from Dan Lok. It's a place to be with other like minded people and surround yourself with good entrepreneurial influences. No one can do it alone. You need a community. If you want to be top 1% income, then you need to know 100 people to meet that 1 person who will become top 1% just to try and start a community. If you want to become top 0.1% income, you'll need to know 1000 people to meet that 1 person who will become 0.1%. You have time to personally get to know thousands of people? Aren't you busy with your business?. DoD does that hard work for you. The monthly payment is a filter for people who aren't serious. It's a great place, I recommend you check it out. Feel free to reply below this message if you have any questions.

  26. Hey Dan am Raymond from Ghana, my question is what of if your company is failing because of new highly competitive similar company has been introduced in your country

  27. Dan you know man
    I applied your information on my 2nd prospect and you know what i close the dam fucking next sales meeting almost 50% done ✅ snd they showing intrust thanks dan you are really a HIGH TUCKET CLOSER applause 👏 for you

  28. Im at that point where im at the bottom im almost out of all my money but now i know why… i stopped focusing on sales being the best salesman for my company I lost my edge I feel like my business sucks now i exhausted all my money…. when my business was in a good position i was generating sale after sale saving money making money ,,, thanks for this… i stopped believing in myself and my company and my companies objective

  29. What if your business idea is new but the people aren't acquainted with. Plus many false prophets offering similar services ruin the business idea getting prospects scared with a political crisis. What do I do to revive my business with this problems

  30. Hey dan i need some advice.i want to marry a girl but i am.not settle so what u say i marry first or settle first?

  31. Powerful Lessons Leraned Sifu.

    1. Focus on Cutting Expenses
    2. Focus on sale
    3. Focus on learning

    Thank you

  32. My problem is NO CONFIDENCE IN SELF!!! No self worth .. in myself and my work …
    Can’t go out meeting clients.
    That’s my greatest fear.
    … even clients comes to me … I tend to sell myself cheap … worst when they come in with sad stories and needing my help.

  33. I learned that the first step of business is to improve my high incomes skills, before diving into the deep end.

  34. Thank you so much for this video.

    Do you believe that there are some areas that people wont buy a certain product because they are satisfied with their lives? I know it sounds off but thats what Im experiencing. Currently i'm studying in a Province away from home and I started selling perfumes as I did at home. At home alot of people were so willing to buy and i was out of stock almost immediately after i started (i advertised the product through social media). But here in this Province seems like people dont really think they need perfumes.
    Do you believe in this? That there are places that dont sell certain products because people are satisfied with what they have?

  35. Cash cutting expense… cut out unnecessary expense…
    Focus on sales…no.1 sales person for my organization… the things that sell the thing.., focus sales
    Learning be honest with urself learn more know more about competitors than they know themselves

  36. My dad is basically driving our business to the ground by not doing anything and I just wanna research and do everything I can to shut him up and if I have to fix it myself so be it we can survive without the business no problem but the idea of a business failing while I can do something about it just grinds my gears to the max.

    And that’s why I’m here now

Leave a Reply

Your email address will not be published. Required fields are marked *