Listen to the podcast here:
Funny how life works out sometimes. With no expectation at all I ended up having two meetings today: one with a consultant working for a company that is walking on the edge of a cliff and a second meeting with two friends that have recently decided to get into the subprime lending business. One meeting was full of worst case scenarios while the other was full of optimism and huge aspirations. The funny part is that while I enjoyed both meetings immensely I really enjoyed talking with the consultant about the business that is about to go over a cliff. Strange?
Over twenty years I have learned one important lesson: the first time is always the hardest but if you can do something once it only gets easier and easy. In the context of business, getting someone to purchase your product or service is very hard but if you can do it once you can do it again and again. Even though this particular business was going over a cliff it wasn’t going over a cliff because the service wasn’t valuable to customers, it was going over a cliff because over 9 years the owners have become complacent and uninterested in the business. The business is a low cost high volume business that is looking at millions of dollars in unpaid bills and other obligations HOWEVER with a little bit of work, a lot of focus and an enormous amount of hustle this business can easily be turned around and profitable again. Don’t get me wrong. There is much work to be done but if the desire is there this company will not only pay back its obligations but will be a stronger company. Nothing gets business owners or entrepreneurs more engaged in their business than a financial panic.
If the owners decide to step up and get back into their business with a new found passion for what they started almost a decade ago, they will be in a position to grow and manage an investment that will pay dividends for years to come.
I get up every day to help business owners and entrepreneurs get through moments like this so get in touch with me if you (or someone you know) needs some help with their business.
2 thoughts on “One business goes over a cliff just as another one starts”
I not only enjoyed this but found it very useful.
Thanks Terry. If you know of any businesses having a problem let them know that I would be more than happy to chat “out loud” with them about what options they might have 🙂