Monsters and Silver Bullets
Business failure is a subject that is always in the background but rarely gets dealt with. Failure is part of the cycle of business: after all, if every business that started succeeded, grew and continued to take market share there would be limited room for the new and the innovative. So given that in business failure is inevitable, for those who don’t do the things proven to prevent it, the question has to be how do you ensure you are not one of the failures?
FACT: there is NO silver bullet for business success. So if you are looking for one you will definitely not find it here. And unless you are looking in a ballistic-orientated jewellers with a section specifically for the killing of werewolves, you won’t find one anywhere.
I have met so many people who have started then failed in their own business, and franchises who haven’t achieved success, and every time the same reasons are given: ‘The banks didn’t….”, “The landlord didn’t….”, “The economy wasn’t….” “It was a cash flow problem….”
I could go on but won’t. Needless to say, all these reasons were external facing, the individuals were all blaming someone of something. They were all MONSTERS created by the struggling business owners – hence them looking for a silver bullet I guess. Now we are all guilty of this, me too, but when it comes down to it these reasons just don’t cut it.
The only place to look is inwards and you must ask: “Did ‘I’ do everything I should have, when I should have?” because the only way to prevent failure is to do that. There are certain things in business you HAVE to know about and take control of, whether you like it or not: financial management is one of these things, as is sales and marketing, which so many business owners just dabble in (yes I see it every day) or don’t do at all.
Well here is some news. If you don’t like sales and marketing and you don’t like managing finances then you are NOT going to like business or franchising of any form. Worse you are almost certain to fail at it.
The only way to defend against failure and increase your success is to CONSTANTLY educate yourself and partake in financial management and sales and marketing activity. Everything in between, above and below will disappear without this.