I’ve often been compared to a cat by those who know me well, not the 9 lives thing, although I have got over a few scrapes physically – but more – my ability to bounce back and always land on your feet – even when up against the most trying circumstances.
But I live for excitement. When I feel content I do something “stupid” and it all starts over again.
If you are in business, you are already a risk taker.
If you decide enough is enough and you want to close your business do it with a plan in mind. There should always be a strategy even when all seems lost. An insolvent business can be seen from many different angles. With the right advice and a fresh start you can cut costs and shift your business model to a profit-making venture.
When you are living through a painful experience it’s often hard to enjoy the ride. My advice is don’t worry what people think of you, don’t get too caught up in the opinions of others – just whisper to yourself that you can do it and go for it, again.
Next time around beware of the mistakes from the past, delegate the things you aren’t as good at and be very frugal with your spending.
Financial awareness both personally, and in your business is key to success. Some of my clients believe they are financially inept because they get further and further in debt and lose control of the situation.
What they are more likely to be experiencing is denial and not wanting to cut back on spending and buying.In essence they have a bad habit that is fed with money. When the money dries up, the habit becomes a bigger issue.
Perhaps you are the type of business person that needs help to manage a financial budgeting.
Getting mentoring and coaching can take you and your business to the next level. Andy Murray didn’t turnaround and transform his game on his own. He had the best advice and coaching money could buy.
A good business is a place where customers can find the things they need, and discover the things they didn’t know they needed. A hub of information with a community feel has a really great feel good factor that helps bring customers back again and again.
Learn from the big success stories. Steve Jobs didn’t have a sole focus on making billions. He wanted to change the world in which we lived and allow every person to create.
How could your business (mark II) give more to its customers?
Let’s have a chat and see what ideas come out of our discussion.
We have a cash-flow problem, shall we reduce our margin to drive sales volumes?
Cash-flow management is about how money flows into and out of your business over-time. There are three types of cash flow – operational, investment, and financing – and the one of interest here is operational cash flow. Cash-flows in from sales, and out in payment of bills, including supplier invoices, wages and rents.
Margins need to be high enough to leave sufficient cash to pay all these and the timing of inflows and outflows needs to be managed to make sure enough cash is there at the right time.
By discounting margins to drive sales, you risk not having enough cash left to pay all these bills. This is a common problem with businesses at the moment, with everyone discounting like mad to try to maintain sales, resulting in insufficient cash to pay salaries and rents. People are literally buying the work to stay afloat.
It takes a lot of self-reflection and guts, and likely many sleepless nights, to decide that it’s time to shut down a struggling business.
Owning a business is a labour of love and grief. There are the highs and the lows. As well as a huge amount of work it takes to get things off the ground.
Thinking back I did not want to let the business go, more out of fear for the unknown than anything else; but the pressure started to mount up and the problems we had accumulated over the last two years became untenable. We were having a really hard time paying off past debt, while trying to buy new stock and keep up with rent and everything else. Continue reading “Thinking Beyond – The Outside of the Box”→