Should we just shut down?

[neilc]

It’s been almost 5 years.
We were first in Embedded development & for the time of 2.5 years I was only able to make 1 lakh rupees in total & then it all just disappeared. After struggling for next 6 months I started with software and it gave me hope at start using (Upwork) then after 3-4 months everything just vanished for almost 5-6 months I still kept trying & finally got hike and everything was good for next 8-9 months which helped me making amount of approximate 10Lakhs and things again have changed since last 7 months.
I am so full of this
I know that it’s normal to have ups and downs in business but having no single work and going down with all the funds paying to employees every month.

Now I am in a situation where I am not able to even make money for the rent of my office.

I have no clue what should I be doing.
If anybody can help me with a good suggestion.
We are embedded software based company.
It seems there’s no way left. It’s a deadend.
It’s depressing

 

[silmarien]

@neilc You have 10-15 tech people and no sales/marketing?

Upwork is for side hustles

 

[bluesky741]

@neilc Are you doing any marketing of your services. Reach out to customer. Do you have any business development associate in your company. Focus more on getting more leads outside of upwork etc.

 

[neilc]

@bluesky741 No response from emails.

 

[bluesky741]

@neilc Try doing some account based marketing. Or in linkedin campaign. Paid ad is a must these days. You guys should do some leadgen activities. Attend industry events build a brand around. Cut back office. Work remote.

 

[intotheforge]

@neilc Contact your past clients and ask them about what you delivered. What was good, what could be improved, what needs it met, etc. Will give ideas of other complementary services to offer. Always easier to retain a client than get new ones.

 

[downdraft]

@neilc Are you running an agency or a product? What is the team size & composition? Where are you based from? What kind of embedded development?

 

[neilc]

@downdraft Size is 10-15 members
They are all software & embedded engineers

 

[downdraft]

@neilc That’s a decent size team to have. Do you have existing clients that are generating some revenue? I would suggest to keep the best people in & rest out. There is no harm in downsizing, it’s tough for a small team. Why not work from home, remote & atleast cut down on office expenses?

 

[neilc]

@downdraft Yeah even i am thinking the same

 

[neilc]

@downdraft We are service based.

 

[soworriedaboutthis]

@neilc cut back on staff and focus on what you can provide that others need or can’t do themselves.

 

[neilc]

@soworriedaboutthis Things are not working in the right direction

 

[soworriedaboutthis]

@neilc then you really have to cut staff back to the best few and focus on what they can excel at

 

[spaceman]

@neilc How much money do you need montly to stay in business and have enough money for your basic needs as a person?

 

[jonowebb]

@neilc I’d suggest contacting prior customers and ask what type of software projects are available to work on. If they have any embedded projects, quote them. If other types of software projects are available, consider branching out into other software project areas. My business has had to pivot into other areas when customers had needs outside our normal business. If you become a problem solver for them, your customers will want to come to you first with any project. Has worked for me over the past 37 years.

 

[nymichelle]

@neilc You are fine, you need to learn from your past projects what clients were looking for vs what is the market requirements? Technology changes faster than software developers can keep up!!!

 

[voiceoftheshires]

@neilc Indian small business market is very different from US/Western Europe standards. I'm not sure how our advice would help you aside from cut costs and get good. You don't seem to have anything people want...especially if it's basic IT/software development another Indian can do for less.

 

[icycool25]

@neilc If you are having trouble with outreach it could be a language and reputability barrier. I’m North American based, feel free to reach out and might be able to connect you with someone to help with outreach.

 

[shephard]

@neilc Yes you should close down and gift all hardware to charity as a good deed.