When is a financial problem a marketing problem and a marketing problem a financial one? Quite often in a small business, they are so intertwined that it’s difficult to extricate one from the other.
This is the conundrum – which do we address first? Neither. In this situation, the “picture” has to be taken apart and completely reconstructed. Inevitably, the situation has arisen from poor foundations – lack of strategy and direction and minimal planning. The “blame game” has to stop before any progress can be made. The blame game is the easiest way to relinquish responsibility and is the fastest way to paralysis.
Firstly, do you have a business plan? Is this plan a live document i.e. one that is referred to and is updated on a regular basis? If not, why not? See article Why bother with a business plan?
Start by examining what’s working and what’s not and steer right away from who or what is at fault. Then work out what needs to be done. Develop your action plan and commit to this plan. If you have staff involved, get commitment for their part in this action plan.