Absolutely. Sometimes business owners mistaken business development solely as growth. However it may be more prudent in certain situations to look at downsizing to relaunch in a profitable way. I guide many of my clients through that phase and beyond. There is no shame in downsizing. It is not only clever, but, essential that this happens in some cases. There are many areas in a business where downsizing can be looked at such as: premises, staff, equipment, vehicles and previous luxuries, such as extensive travel and fringe benefits. To be successful through that phase, the things that must be kept, if not increased, are business development activities such as marketing and business coaching. Those activities will allow the business owner to rebound and reassess what the next phase is meant to look like.
Every business owner who has been around for a while would have experienced a downturn at some stage. That's not the time to panic, but, become, even more strategic. Hoping doesn't get you results, positive action does. If you are in that predicament and wanted to be guided through this challenging period, reach out and I'll give you a helping hand.