September 2008, Lehman Brothers had collapsed and the Economic Bubble which Ireland had been encased in for over 5 years had burst. Panic set in and people stopped spending. They started saving.
Every small business in the country was affected and the dip in retail activity was as much as 80% in some cases. Many businesses did not survive.
2012 and many of the businesses from 2008 have survived but only just. Many are struggling along on the brink of survival – they are focused on that magic word – break-even. The only problem with “break-even” is that is does not allow you to grow because there is nothing to invest. There are times when you dont break even and the creditors circle. Margins are constantly squeezed and then some weeks you do not manage to pay yourself. And this becomes a habit and you learn how to “make-do”. And this has continued for many for up to 4 years.
Is that why you got into business in the first place? To break even, to not pay yourself, to make a loss, to be fearful of creditors, to face burnout. Too many are in this place right now – Its called stagnation and because it has crept us on us, its all that many business owners know at this point – yet they hang on… And for what?
We urge any business owner suffering from stagnation to take a good look at the business. Start asking better questions and start making decisions that will move you and your business forward. If you do not know what questions you should be asking, then maybe you should seek out help. Remember that as a business owner, you don’t have to know it all, in fact the quicker you realise this, the quicker you can take your business to the next level. You may need to learn some new strategies to kick start your business. You may have to embrace new technologies or even hire different staff. You may need to change what you do.
Doing nothing is not an option because doing nothing means that there will be no change. Is that what you want for you, your family and your business.
As a business coach, we work with business owners who want to take the first step to making their business great again. We bring ideas, accountability, clarity and direction to a business. We also bring an outside, unbiased perspective. We challenge you to make the necessary decisions. We are your unreasonable friend.
If you feel that your business could do with some outside perspective, take advantage of our FREE coaching initiative today – my number is 087 222 0720