On Monday we presented the concept that many businesses are loosing horsepower—business momentum. Here are the 3 options we find to be true, with varied levels of success based on which option you choose – whether it is conscious and intentional, or by inattention. We, of course, support and encourage you to choose option 3. And the reason – we have seen the business disasters caused by inattention.
1. Do nothing, ride it out and hope for luck to improve it. This is usually a protracted death process. (Yet most know that hope is not viable a business strategy).
2. Retire it. Put it to pasture, one of two ways:
a. Sell it if you can, requiring homework and preparation long before you get to this point, as readiness creates value.
b. Shut it down, if you will incur more loss than is defendable and could severely compromise your credit and repute and thereby your future business viability.
3. Get off. Meaning, change your position–step aside and evaluate what’s needed to help rejuvenate (or resuscitate) your business. This requires candid assessment, including self reflection and market position, and sometimes help from an outside eye to guide in determining what’s most important and a sequenced plan to get you back on your horse and moving again.
