Every year, thousands of companies fold up for different reasons, It could be that revenue targets aren’t being reached, the business model is no longer viable or long-term sustainability is called into question. Management might get tough calls from investors, face increasing momentum from competitors or realize their products are no longer meeting the changing needs of consumers. Whatever challenges they face, it’s clear that something needs to change. While it’s easy to panic, this turning point doesn’t have to end in failure. Businesses can turn themselves around. Regardless, the next steps you take as a leader in reviving situations as such are crucial.

RESEARCH: the first step you can take is to carefully and thoughtfully assess your business. Take time to sift through the data: look at the financials and review the numbers to evaluate where the company stands. Go a step further and talk to industry experts, partners and consumers. Check out your competition to see what they’re doing successfully and what they could improve and draw lessons from companies that you admire in other industries. The tips you get from them can be valuable and of use to your business. Consult with your staffs and come up with ideas that can be of use to the business.

MAP OUT A PLAN: come up with a plan, owning up to your company’s shortcomings is essential for a successful turnaround. The best way to move forward is to tackle your biggest weaknesses by devising a strategy that addresses those challenges head-on. Don’t be afraid to make tough decisions, consider your resources and only move forward with the ones that fit within your overall strategy. Don’t hesitate to dismiss ideas that you consider inefficient enough for your goals.

CREATIVITY IS KEY: consider innovations that are crucial and that would most likely put you back in business in time. cultivate an entrepreneurial culture that welcomes new ideas and calculated risks, regardless of the size or history of your business, employees will be encouraged to innovate at every level of the company.

ASSEMBLE THE RIGHT TEAM: Once your strategy is developed and finalized, make sure you have the right talent in place to bring it to life. That is central to a successful turnaround. Without the right team to execute it aggressively and effectively, a great strategy is meaningless. Bring together a team that can put live into any mapped out plan. Implementation is as crucial as developing the idea itself.

PROGRESS ACKNOWLEDGEMENT: Have the attitude of appreciation and celebrating success no matter how small. Encourage you team and help build confidence up in them.

Even when it feels like your business is doom to fail, the above tips can help in reviving your business and improve your entrepreneurial capabilities.