So, your business is looking more like a sinking ship than the magnificent cruise liner you though it would be. It happens, and when it does, the worst thing you can do is stick your head in the sand and try to ignore the issue. Here are some smart things you should do instead:

1. Have a Heart-to-Heart with Your Books

First things first, pull out those financials and give them a good hard look. Is your cash flow more of a cash trickle? Identify where the leaks are and see if you can plug them before deciding to jump ship. It’s like finding out you’re out of milk—a quick store run might save your morning coffee.

2. Consult the Wise

Grab some time with a financial advisor or a seasoned mentor. Sometimes, you need an outside perspective to point out that you’re not just riding a dead horse, but you’re also doing it in a fancy costume. They might help you pivot or find new opportunities you haven’t noticed, like a hidden trap door in a locked room.

3. Slash Costs Like Zorro

Look into reducing overheads. Can you downsize your space? Go remote? Sell off some non-essential assets? Think of it as decluttering—Marie Kondo style. If it doesn’t bring you cash, maybe it’s time to say thank you and goodbye.

4. Pivot Like a Pro

Can your business model pivot? If your current offerings are about as popular as flip phones, consider adjusting your approach. Maybe the market has changed, or there’s new technology. It’s like updating your wardrobe: out with the old, in with the new.

5. Customer Love Fest

Reconnect with your customers. Sometimes businesses fail because they move away from solving real customer problems. Get feedback, run surveys, or offer new incentives. Show them you care and are willing to fight for their business, like a knight in shining discounts.

6. Look into Bankruptcy

If things look grim, consider consulting with a bankruptcy attorney or checking out my state’s bankruptcy laws. This doesn’t mean you’re giving up; think of it as hitting the reset button. Bankruptcy can provide breathing room to reorganize and strategize without creditors decorating your lawn with pink flamingos.

7. Sell or Merge

Is someone interested in buying or merging with your less-than-stellar venture? Sometimes two struggling businesses can make one successful one, like a business buddy cop movie. Explore selling or merging as a way to salvage what you’ve built.

8. Throw a Fail Party

And if all else fails? Throw a party—a big one to celebrate the journey. Learn from your failures, network with people, and prepare for your next big adventure. Sometimes, the end of one thing is just the start of another.

A failing business can feel like the end of the world, but it really isn’t! Pick yourself up, dust yourself off, do all of the above if they will help you out, and live to see another day. It really doesn’t have to be the end!