How Do You Know If A Business Should Be Condemned?
How Do You Know If A Business Should Be Condemned?
So what’s the difference between that scenario and what’s going on with many of our industries, particularly here in the U.S. Can you tell me it’s hard to see the similarities between the condemned houses and industries such as the U.S. auto industry.
Now don’t hear me wrong, I’m not saying that we should shoot the auto industry dead. What I am saying is that instead of throwing good money into a condemned situation, why not close up the Big 3 for a little while and rebuild them. Put that money into the workers’ pockets and not into producing more cars that the market doesn’t want or need right now. Much like someone who rebuilds in neighborhoods where blighted houses have finally been torn down, the auto industry can be rebuilt from the ground up.
It’s not like there aren’t enough cars in the U.S. right now for people to get around. Heaven forbid if we’d actually have to carpool or take public transportation and actually get to know our neighbors again by interacting with other people. Instead of simply climbing from one controlled environment (our house) to another (our car) to another (our workplace) and then back into our car and back home.
This would also help the many small businesses that have replacement parts for vehicles or could start supplying that aftermarket vs. supplying parts for newly built cars only. There are also many local auto shops that are going out of business because people either don’t have work done on their cars because the car is leased and they’ll just get a new one in a couple of years or they go to their dealers to get work done.
Picture the auto industry being built back up and rising to the top of the worldwide auto industry in 20 years. Can anyone really see that happening now with the current state of the Big 3?
Not to just look at the bigger companies, there are many smaller companies that are on a going out of business curve, and probably have been for years. But, much like your auto company brethren, you didn’t adjust your business to meet the market’s needs. Instead you blamed it on “tough competition” or on “China” or “unions” or something else when you should have been reinventing your business.
The beauty of changing your business model is that it’s never too late. If you’re already at the point where you’re losing money in your business and you’re having to personally fund the losses, then why not invest those funds into a new venture that has a future instead of one that only has a past?
It’s hard to do. In fact, it’s almost impossible to do without some outside help. You and anyone who works for you is too emotionally involved in the business to be objective and ask the right questions. Besides, you’ve been thinking the same way for a while now, and most likely so has everyone else.
So how do you get some outside help? Here are a few things to consider:
1. Visit Your Local Library: you’d be amazed how many books have been written about “just your unique situation.” I know, you’re different, but what do you have to lose? Worst case you get to tell me that you were right and no one has a situation like you. Best case, you may actually get some ideas you can use.
2. Attend Seminars/Workshops: with so many “experts” floating around, it’s pretty easy these days to find some local seminars or workshops. Just take a look around your local Chamber of Commerce which is bound to have some sort of breakfast, brown bag lunch or after-hours event that has some continuing education incorporated. Look for some local entrepreneur groups. Heck, even try your local civic organization (e.g. Rotary, Kiwanis, Lions, etc.), where you’ll meet some successful business owners who might be able to provide some guidance.
3. Join a Mastermind Group: you may have also heard these groups called Brainstorming groups or something similar. This is basically a group of like minded people (e.g. other small business owners) who meet on a regular basis to discuss opportunities and challenges in their chosen field. So for business owners, this is a group that should be focused on getting you out of the state of how. You know, “how do I pay all my bills”, “how do I find better people”, “how do I increase my profit (or perhaps even how do I make a profit)”, “how do I continue to make the business succeed when my partnership has failed”, “how do I get my daughter or son to want to take the reins of the business (or better yet, how do I enable him/her to take the reins)”? And the list of “hows” goes on and on. You’d be amazed at what solutions present themselves when you work through your challenges and opportunities with a group of your peers. We call our Mastermind groups “The Table”.
4. Hire a Business Coach: some people just want to cut to the chase and go straight for hiring someone to help them through a situation. Many of these folks will engage a business coach. How do you find one? Well, like most things when it comes to a trusted service, whether it be a plumber, doctor, handyman, or attorney, you should start by asking your friends and business associates if they know of any good business coaches. You can also ask some of the groups listed in #2 above if they would recommend anyone. Here’s a quick tip: make sure you take the President aside and ask for her/his “off the record” recommendation if there are several business coaches in their particular group. You can also try searching on the web. Start with groups like BNI (Business Networking International) in your area which are “tip” or “referral” groups where many of the better business coaches reside. Look on the web site for a business coach training organization like the PBCA (Professional Business Coaches Alliance). You can also perform a search for coaches in your local area. Simply search for “Your City” and the phrase “business coach” or “business coaching”.
So, do I have your attention yet? It’s OK to ask for and get some outside help if you’re going to try to reinvent yourself. I mean some of the smartest business people in the world (the ones running Fortune 500 companies) need the help of anyone and everyone in the U.S. from either the private or public sector. What makes you think you can do it alone?
How Do You Know If A Business Should Be Condemned - To learn more about this author, visit Adam Sonnhalter's Website.
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You’ve seen condemned houses right? I mean, it’s not a pretty sight. Holes where there aren’t supposed to be holes. Boards where there are supposed to be windows. All sorts of things could be or are going on in there that aren’t good. Shouldn’t these condemned houses just be torn down?
So what’s the difference between that scenario and what’s going on with many of our industries, particularly here in the U.S. Can you tell me it’s hard to see the similarities between the condemned houses and industries such as the U.S. auto industry.
Now don’t hear me wrong, I’m not saying that we should shoot the auto industry dead. What I am saying is that instead of throwing good money into a condemned situation, why not close up the Big 3 for a little while and rebuild them. Put that money into the workers’ pockets and not into producing more cars that the market doesn’t want or need right now. Much like someone who rebuilds in neighborhoods where blighted houses have finally been torn down, the auto industry can be rebuilt from the ground up.
It’s not like there aren’t enough cars in the U.S. right now for people to get around. Heaven forbid if we’d actually have to carpool or take public transportation and actually get to know our neighbors again by interacting with other people. Instead of simply climbing from one controlled environment (our house) to another (our car) to another (our workplace) and then back into our car and back home.
This would also help the many small businesses that have replacement parts for vehicles or could start supplying that aftermarket vs. supplying parts for newly built cars only. There are also many local auto shops that are going out of business because people either don’t have work done on their cars because the car is leased and they’ll just get a new one in a couple of years or they go to their dealers to get work done.
Picture the auto industry being built back up and rising to the top of the worldwide auto industry in 20 years. Can anyone really see that happening now with the current state of the Big 3?
Not to just look at the bigger companies, there are many smaller companies that are on a going out of business curve, and probably have been for years. But, much like your auto company brethren, you didn’t adjust your business to meet the market’s needs. Instead you blamed it on “tough competition” or on “China” or “unions” or something else when you should have been reinventing your business.
The beauty of changing your business model is that it’s never too late. If you’re already at the point where you’re losing money in your business and you’re having to personally fund the losses, then why not invest those funds into a new venture that has a future instead of one that only has a past?
It’s hard to do. In fact, it’s almost impossible to do without some outside help. You and anyone who works for you is too emotionally involved in the business to be objective and ask the right questions. Besides, you’ve been thinking the same way for a while now, and most likely so has everyone else.
So how do you get some outside help? Here are a few things to consider:
1. Visit Your Local Library: you’d be amazed how many books have been written about “just your unique situation.” I know, you’re different, but what do you have to lose? Worst case you get to tell me that you were right and no one has a situation like you. Best case, you may actually get some ideas you can use.
2. Attend Seminars/Workshops: with so many “experts” floating around, it’s pretty easy these days to find some local seminars or workshops. Just take a look around your local Chamber of Commerce which is bound to have some sort of breakfast, brown bag lunch or after-hours event that has some continuing education incorporated. Look for some local entrepreneur groups. Heck, even try your local civic organization (e.g. Rotary, Kiwanis, Lions, etc.), where you’ll meet some successful business owners who might be able to provide some guidance.
3. Join a Mastermind Group: you may have also heard these groups called Brainstorming groups or something similar. This is basically a group of like minded people (e.g. other small business owners) who meet on a regular basis to discuss opportunities and challenges in their chosen field. So for business owners, this is a group that should be focused on getting you out of the state of how. You know, “how do I pay all my bills”, “how do I find better people”, “how do I increase my profit (or perhaps even how do I make a profit)”, “how do I continue to make the business succeed when my partnership has failed”, “how do I get my daughter or son to want to take the reins of the business (or better yet, how do I enable him/her to take the reins)”? And the list of “hows” goes on and on. You’d be amazed at what solutions present themselves when you work through your challenges and opportunities with a group of your peers. We call our Mastermind groups “The Table”.
4. Hire a Business Coach: some people just want to cut to the chase and go straight for hiring someone to help them through a situation. Many of these folks will engage a business coach. How do you find one? Well, like most things when it comes to a trusted service, whether it be a plumber, doctor, handyman, or attorney, you should start by asking your friends and business associates if they know of any good business coaches. You can also ask some of the groups listed in #2 above if they would recommend anyone. Here’s a quick tip: make sure you take the President aside and ask for her/his “off the record” recommendation if there are several business coaches in their particular group. You can also try searching on the web. Start with groups like BNI (Business Networking International) in your area which are “tip” or “referral” groups where many of the better business coaches reside. Look on the web site for a business coach training organization like the PBCA (Professional Business Coaches Alliance). You can also perform a search for coaches in your local area. Simply search for “Your City” and the phrase “business coach” or “business coaching”.
So, do I have your attention yet? It’s OK to ask for and get some outside help if you’re going to try to reinvent yourself. I mean some of the smartest business people in the world (the ones running Fortune 500 companies) need the help of anyone and everyone in the U.S. from either the private or public sector. What makes you think you can do it alone?
How Do You Know If A Business Should Be Condemned - To learn more about this author, visit Adam Sonnhalter's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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