If there’s one thing I’ve learnt in over 30 years of working with business owners it’s that no one plans or sets out to fail in business.
Not all is equal in the playing field of the business arena. Luck plays a part too.
In most cases, it’s possible, in the post-mortem of a business failure, to pinpoint where and even when a business first began to fail. In many cases it is far earlier than you would have expected. It just creeps up and next thing you know, there’s a knock on the door.
What I can also tell you is, businesses today will fail for exactly the same reasons they failed 30 years ago or more…
On far too many occasions, business owners don’t see the early warning signs and by the time they ask for help, it’s often too late and the pathways out are extreme.
I’d like to see more business owners reach out earlier and have the conversation. Indeed regular check ups should be a standard activity.
The answer is, you won’t know if it’s in your blind-spot. A blind-spot can only be seen from a different perspective. That’s why it’s your blind-spot.
This is why it’s so important in any business that matters, that you have at least one external strategic business advisor. Someone who understands what a business owner is going through:
To the credit of many of the business operators I work with, I don’t always deal with failing businesses. Many are good businesses which can or should be great businesses.
Testing your business, its assumptions and you, is what I do best.