Starting a small business is no easy feat, but nothing worthy is easy. At the least, starting your own business takes planning, persistence, dedication, and teamwork. Maybe you’re among the brave, elite population who took the risk of starting your own business, and for whatever the reason, things are not going as swimmingly as they were when you first cut the ribbon.

The pandemic, inappropriate pricing, staffing shortages, or slow sales, any of these could be the reason for the decline of your business. But don’t panic, here is what to do when your business starts to go down.

Don’t give up!

Thomas Edison was told he was stupid, Dr. Suess was rejected by 27 different publishers before he sold his first copy, and Michael Jordan was cut from his high school basketball team. Let these legendary successes be a reminder that failure is a part of the process to greatness. Don’t give up.

Work together, create a plan

Bring your team of employees together, keep them in the know, and work together to create a plan of action. Don’t try to combat the decline by yourself without seeking the help of your peers. Keeping your workers in the dark about the reality of the business will only cause more problems. Every business is unique and will have a different approach. Meet in a big group, sit down at a white board, and plan a response. Any difficulty can be combatted with proper evaluation and planning.

Reevaluate your initial business mission
Remember why you began in the first place. Go back to your business plan and note what has changed in your business’s strategies and consumers. Maybe your target audience has changed with your products. If your first product has evolved into something different than what it began as, reevaluate, and determine who your current products’ ideal consumers are. Direct your advertising to that audience.

Reduce costs, temporarily

Seeing the tip to “reduce costs” might make you a little nervous to read, but reduced prices don’t have to be forever. When your business starts to go down, reducing prices is the most practical step to get it back on track. Cut discretionary or unnecessary costs in your workplace.

You will get through this! Failure is a part of growth, and you will be back on track if you follow these simple steps.