Several years ago our family took ownership of a small business that had been in business for a number of years. We owned that company for 15 years before closing it. While the first few years were very profitable, the last few years were not which is why we closed it. Truthfully, we nearly went bankrupt before finally giving up.
Although the business had not been profitable those last few years we were able to hang on due to decent sales. I kept thinking things would turn around and we would start making money again. I was right: things did turn around, but they went in the wrong direction. The economic crash of 2007-8 hit. When that happened all the poor decisions I had made as the manager came to light. When sales are strong and cash is flowing, mistakes can be covered up. But when everything slows down those mistakes become obvious. Unfortunately, by that time it was too late to save the company. We had an auction to recoup what we could, paid off the bills, and locked the doors the final time.
I later wrote a book titled Mistakes: Avoiding the Wrong Decisions That Will Close Your Small Business that is available as an e-book to help small business owners avoid the mistakes I made. This helpful book not only details the mistakes I made but also shares the things I learned along the way.
It’s not the big decisions that are wrong that will sink your small business. It’s the small day-to-day decisions that often cause the biggest problems. Failing to track sales and profitability, not ensuring sufficient cash flow, failing to really listen to your customers, and not understanding your competition are only some of the issues addressed in this book. I made all these mistakes, and more.
We can learn in one of two ways. We can learn from experience, but I found out that is the most costly way to learn. Or, we can learn from the mistakes of others and avoid the pain and costs they encountered. This book sells for only $4.95 on Amazon, and that is a very inexpensive way to learn how to avoid the mistakes that can shut down your small business.
Get your copy today and let me teach you how to avoid the mistakes I made.