Many business owners will identify with the saying that “it is lonely at the top”; especially when the chips are down and the business is struggling to stay afloat.
Most of us will be able to site an example of someone we know who either lost their business, marriage, or even their life, because their business failed and their livelihood was destroyed. If you have ever been in a situation where you do not know if your business is going to see month end, or you do not know if you will be able to foot the bills, you will also know that desperate times call for desperate measures. You might consider attracting an investor merely to float the business, or setting the business up for a fire sale, or even just closing the business and walking away from the challenges you face.
If you have been, or are currently in a dire situation, you might be inclined to do the following:
This can lead to:
Here are some thoughts to consider when faced with such a situation:
I trust that this information will motivate you to stand strong as a business owner and consider all options before the realities of a business struggle gets the better of you. May you go from strength to strength.
To support business owners with the important task of business planning, Sanlam gives you free access to the book Your Annual Business Game Plan for Success, which provides an easy and straight forward framework needed to draft a well-crafted game plan that will create the positive change and growth necessary for business success.
Go to www.sanlamgameplan.co.za to download your free copy.
Article written by Jannie Rossouw, Head: Sanlam Business Market