An oft heard statement is “things are just about to turnaround”. For some business owners this is just an attempt to stave off the inevitable or to buy some more time, but for what end?
If there is an expectation of things turning around what is the basis for this, we assisted a hospitality owner who would overhear a conversation in a bar about the local economy turning around and this would be sufficient for him to decide that his business was on the edge of recovery. It took four years and the bank knocking at the door before reality hit.
When times are tough glimmers of hope can be expanded to be a panacea to recovery, when the practicality is that tough decisions are being put off as a result of it.
For business owners struggling to face what is happening in their business it is often necessary to take a step back and understand how the business is faring, a second set of eyes will often help this.
Holding out for an unlikely turnaround will often make a bad situation worse and rather than taking steps when the opportunity is still there, taking charge of the situation and taking the necessary steps to assist the business survive or to start the walk away process.