Getting the Call: Preparing for the Worst
I still remember the call coming in. After my Mom hung up the phone, I asked her who had called. “That was Kenny’s Mother. They have decided to sell their business.” I had a sick feeling when I heard my Mom explain that, because this was Kenny’s dream – to run their operation as the third generation. He was 110% devoted to the idea and had modeled his education to fulfill that specific role, and now, well, it was gone.
As time went forward, I also learned that the primary driver behind their business being sold after the fire was the fact that, although they had been insured, they were concerned that they would not have enough funding to install all the updated technology necessary to operate at their peak efficiency. Probably sounds like it happened just recently, doesn’t it? The reality is that it actually happened a long time ago, but would the outcome be any different for you today?
I don’t know the answer to that question, but I would encourage you to think about it for a while. Every business is different, of course, and the availability of funding & the length of its payback will vary from one operation to another. However, that is one reason that you must spend some time thinking about this very topic.
What would change for you? What investments would you need to make? What would those items cost, would they be profitable, and could you locate the financing necessary for them? These are all great points to consider, and I don’t mean to be gloom and doom, but might I suggest something? Now is always the best time to think this through, before some calamitous situation occurs. Would you rebuild your business? If so, how? Would you automate more of your processes? Would you expand? Are these two steps you should be taking in the near future, anyway, without having a challenging situation occur first?
I encourage you to consider all of these points for your business today. As you approach the end of this year, now would be an excellent time to consider what you should be doing within your business during the next 12 months. This is just one example of what I consider genuine Next Level Thinking!
If you would like to learn more about similar topics and the tactics our Clients have used to improve their outcomes, as well as what applications of these lessons you can make in your business, please join us for our next Success Strategies Business Navigator Program series of quarterly workshops in July 2019. They are designed to teach more people the Finance & Strategy Concepts that I offer business people. Signups have begun, giving you the opportunity to learn these same concepts and meet with other producers who have overcome some of the same challenges you may be facing. Check them out at:
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