Managing Business Failure
Several options would have been employed to save the situation facing Youcastr. Generally, Youcastr failed due to poor management and not because it lacked resources. Therefore, the assets associated with the firm would be essential in coming up with solutions. The first option would be taking bank loans. Banks always provide loans to established firms, and Youcastr was already established. Moreover, Youcastr failed in two main fields that would have been managed for proper cooperation.
Youcastr management failed to pay attention to revenue management. A better option would have been to invest in revenue-generating ventures instead of building on costly ventures (Barringer, 2015). One of the ways of raising revenue for investment would have been borrowing money from friends and relatives. Also, the firm was formed as a result of the meeting of three partners. The partners would contribute towards lifting the revenue ability of the firm. Moreover, the customer network would have been engaged to maintain their loyalty to the firm.
The failure of Youcastr began when customers started losing their loyalty towards the firm. The passion for Youcastr products and services significantly faded, and the customer base was no longer reliable. An option that would work towards the benefit of Youcastr would be paying attention to brand development. A company that pays sufficient attention to brand development wins significantly towards winning the attention of the customers. Besides, the loss of customer loyalty may imply the brand image does not present the needs of the customers.
The options required for better performance of Youcastr are based on the revenue allocation and customer experience. Loans should be sought to invest in income-generating ventures. Also, customer interaction should be enhanced to create a positive brand image.
References
Barringer, B. R. (2015). Entrepreneurship: Successfully launching new ventures. Pearson Education India.