Based on the results from the Business Assessment, it looks like your business may be facing some challenging issues. Even though it might not be smooth sailing right now, there’s usually a way to get to calmer waters.
There have been countless other businesses that have sailed these waters and found their way through. We’d like you to meet one of them. His name is Jason
“I started my business to follow my dream. The business started out fine, but lately, we haven’t been doing that well. Sales are falling and bills are getting harder to pay. I’m spending so much time thinking about the business that it’s not as fun as it used to be. I’m beginning to wonder if it’s time to exit.”
Jason runs a rather sizable small business and has been having a rough couple of years. Jason has been hit hard by shifting consumer behavior to purchasing items more online. Jason produces products that he sold through distributors, but that volume had dropped off. He’s tried to sell through Amazon but has had a hard time breaking through. He has his own e-commerce platform but has struggled to gain traffic and conversions
How We Helped Jason
Jason's Turnaround Plan
We recommended the following 5 steps:
- Utilize an inexpensive small digital retail agency to help bridge the gap until we can hire an internal manager
- Have the agency properly set the business up on Amazon and help ensure the appropriate amount of the promotional spending was being executed properly.
- Since we couldn’t offer a high salary, we recommended a mix of equity and salary to attract e-commerce talent.
- Once the e-commerce lead was hired, we used the same tactic to hire digital marketing talent.
- Since Jason had collateral, we were able to secure reasonable funding given his situation to help fund the agency expense and the on-boarding of the new hires.
This wasn’t an easy decision for Jason. This was his baby, and the idea of sharing some equity was hard for him. However, he understood the necessity. We could secure some funds, but we would not be able to secure the entire amount with tapping into equity.
This was a longer process, but Jason was able to turn his business around in the end.