3 Efficient Ways to Save Business from Bankruptcy

how to save business from bankruptcy

Just recently, the retail clothing company, namely Forever 21, filed for a Chapter 11 bankruptcy protection. Forever 21 was once a hot-spot and major source of fashion clothing, especially for teens.

The Forever 21 bankruptcy issue only proves that there’s no lifetime success in the world of business.

It’s because, in the corporate world, you’ll never know when such business risks and threats will come right in front of your doorsteps - that primarily leads to the possibility of bankruptcy.

With that, this piece chooses to discuss and provide you with the simple but effective ways you can do to protect your company from any bankruptcy threat.

Thus, stay right on the pages, read further and find out.

Take care of your employees and gain their loyalty

Take care of your employees

Some business tycoons overlook the importance of their employees and underestimate the idea that the workers are major assets too.

They seem clueless about the noble roles that the employees take part in only to adequately contribute to the company’s overall growth and progress.

For greater knowledge, your employees are the people who exert all their time and dedication to work on your company’s success.

They’re one of the best instruments to turn your offered products and/or services into a commendable return of profits.

That’s why you’re advised to value your employees as well as to work hard on gaining their loyalty not only to the company but as well as their loyalty to you.

Why? There are cases that employees boycott, rebel or protest due to unfair treatment and unjustifiable rules and regulations of the management.

And such chaos like boycotting, rebellion and protests may seriously affect the company’s general and daily operations that in some circumstances may lead the company to its painful “ending”.

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Learn to keep up with the trends: go digital!

Learn to keep up with the trends

One thing that business and marketing analysts see in the possible fall down of the clothing retail company, Forever 21, is that it wasn’t able to play with the “trends” for the past few years.

While the aforementioned retail clothing company was busy expanding its business by opening more physical stores around the world, its major competitors like H&M and Zara paved the way to online marketing or “digital marketing”.

For greater knowledge, digital marketing is now booming and considered now as the most effective way to sell or “market” good and/or services globally.

And since the retailers or consumers are gradually turning into online shoppers, it’s better for you to go “digital” as well so you can reach your target market easier and faster.

Learn how to play the game on the grounds of digital marketing with the use of different social media platforms and connect with your customers as fast as lightning.

In that way, your company will be able to survive longer as it sails along with the waves of the business world. And if another trend emerges, don’t hesitate to play along with it.

Cover your company with the appropriate business insurance needs

Nowadays, running a business comes with more risks and threats that may put your company down on its knees in just a blink of an eye. And that makes availing insurance as one of the most significant factors to consider when building or starting up a company.

However, while there’s no yet existing bankruptcy insurance, you can still save your company from the painful possibility of bankruptcy with the help of the different types of business insurance.

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These types of business insurance can be your most trusted partner in the time that you seriously need financial assistance.

Below are the different and major types of business insurance that you may want to consider availing while venturing the world of business.

  • Professional liability insurance
  • Product liability insurance
  • Commercial insurance
  • General liability insurance
  • Data breach
  • Property insurance
  • Workers compensation insurance
  • Home-based businesses
  • Business interruption insurance

Conclusive words:

Now that you’re oriented about the efficient ways you can do to save your company in the brink of bankruptcy, don’t think twice on applying it on your daily business operations.

Or, if you have more suggestions and tips to keep one company breathing and running in the track of the business world, come and share it with our readers!

 

AUTHOR BIO:

Kath Ramirez embraced the dream of being a writer since she was in 4th grade. She took it seriously and she now writes for Insurance Adviser New Zealand, one of the top financial and insurance companies in NZ. Kath also keeps herself busy spending time with her family, cherishing the role of a mom to 3 dogs and a puppy, reading random books, and diving into the world of photography. She’s not even a pro to whatever she’s engaged into right now, but one thing she knows, she’s happy and that’s more than enough.

 

 

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