My Business is Failing….What Now?

Have you ever had a time when you feel like your helpless? No matter what you do nothing seems to work and yet, those around you seem to be doing incredibly well. This is what it’s like to be in the grip of a business failing.

Escrow.com

Running a failing business is a scary proposition. There isn’t enough cash to pay all the bills and creditors start hounding you for money. You never know whether you should answer the phone or not because you’re not sure if it’s someone about to bring some business in or someone chasing you for an outstanding debt.

The stress levels at work increase dramatically and this often impacts loved ones as the days disasters spill over into home life. Is running a business supposed to be like this? Isn’t the reason why you’re working so hard is to provide a better life for your family?

If the business completely fails, then what is the outcome? Many people (especially males) tie their self-worth to their businesses and they end up getting more and more depressed as they scramble to save what is often unsaveable.

The first thing a business owner needs to realise is their self-worth has NOTHING to do with their business but has a LOT to do with their personal integrity while going through the tough time. The measure of a person is how they behave during adversity not how they act when things are going well.

Over the years I’ve helped a lot of business owners out and without exception they believe either;
1. A big deal that’s just on the horizon will solve their problems OR
2. If that investor just put a lot of money in then all will be good.

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Wolftalker
Good advice.
14 July 2018
Rawgi
I will agree Good advice. Can't ever feel too good to eat some humble pie and roll back to square 1. It actually makes you stron... Read More
14 July 2018
mgilmour
Robin, great to hear from you. I hope your colleagues come through their troubles and that I was able to help out in some small wa... Read More
15 July 2018
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Saturday Musings - I'm a Failure...

I recently launched a new business and it’s been an abject failure. The service I was selling was great and I was sure that customers would absolutely love it but no one has even looked at it. My marketing efforts even went as far as involving some giveaways and I still didn’t get a result…..although the potential customers loved the trinkets.

Escrow.com

So my shiny new bird bath is still sitting forlornly outside my study window with not a bird in sight. The birds loved the bread that I put out for them each day. I even placed the enticing morsels ever closer to the bath with the hope that I could watch them splash around on a hot summers day. But my customers have rejected all my efforts…..sigh….

How many of us have launched a new business only to discover that no one is interested in our services or products? With ever increasing frustration we put our hand deeper into our pocket to pull out more cash to throw at the market with the hope that someone will buy.

I hate to say this but someone has bought…..and that’s you. You managed to drink the kool-aid of your own business to the extent you’re no longer listening to your proposed target market. You could keep on shoveling cash out the door or you could do something a little more adventurous…..and that’s pivot.

When a business is in the process of failing, before you run out of cash, you sometimes need to take a close look at what you do and decide to do something else entirely. Maybe it’s completely revamp your product or target an entirely different market or even use your service as a loss leader for a different revenue model.

I’ve met many business people that have either killed a business too early or too late. In many instances, a little creative thinking is all that is required to rescue the situation. Maybe if you’re running a restaurant it’s as simple as taking the food to the people rather than waiting for the people to come to your food.

If you find yourself in a situation where you’re going out the back door then whatever you do, don’t keep on doing the same thing as you’ve always been doing and expect a different result. Pivot and pivot fast!

For me, I’m going to pivot and take the bird bath to my customers by putting it in the middle of the lawn rather than outside my window. With any luck, a few birds will hop in and have a great time. You’d think they’d realized that all of this was for their own benefit……and a little of mine. Wish you me luck!

Have a great weekend.

Michael

Battleframe

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Westerdal
My most successful businesses​ started with a great plan. However those businesses never succeeded by using the original plan. The... Read More
26 March 2017
vanclute
Perches are KEY! We have a bird bath in our back yard in perfect view of our bedroom window. No moving water or anything and on ... Read More
26 March 2017
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