An entrepreneur is very proud of the company they created. Justifiably so!
It takes significant hard work to build a successful business.
But things sometimes go off-track.
- Overruns on a project create a cash shortage. Sleepless nights!
- A client argues about paying large bills. Arbitration or legal proceedings follow. That takes time. Potentially time the business cannot afford!
- Accidents, theft or fraud and there is a sudden need to clean up, repair, close the door so it cannot happen again. That has cost.
- Customers buying and paying slower than you hoped. Expenses continue so you find yourself juggling priorities.
- Suddenly you need creditor protection to buy time to regroup and plan forward. This is significantly stressful.
- A few good people leave, now you are struggling to recruit well. The whole team and company culture suffer.
- As a result of these or other factors management is a little too distracted. They are not driving results and extra challenges suddenly appear.
- You are working on raising a loan or new equity. It takes longer than you anticipated and imposes significant stress.
You can get through! No matter how bad it feels. But get help or support.
What got you here will not get you there. You need a fresh perspective.
Some of my clients seemed catastrophic when we started (all names changed):
- HJ was down to $50k in the bank, had major operational and regulatory issues, and a payroll of $130k bi-weekly. They have since added two additional manufacturing facilities and 10X’ed a few times.
- RW’s trucks and full containers were being stolen. Customers cancelled contracts as precautionary. RW still had people and equipment leases to pay so new thinking was required. They close to eradicated crime for the industry and are now the market leader.
- FP had a major fraud. The CFO was arrested 𝘪𝘯 𝘵𝘩𝘦 𝘰𝘧𝘧𝘪𝘤𝘦 and every document for 5 years had to be analyzed and audited. Major expense and distraction for management and the full accounting team.
But they all recovered and today are doing very well.
Your effort will overcome the challenge and keep you in business.
You need to:
- Acknowledge the situation. Denying just prolongs the pain. It often gets worse.
- Act decisively and in a timely manner. Slow, unclear action confuses everyone and consumes time you may not have.
- Get help if you need it. You get what you pay for. Never underinvest. But specify well so the consultant, coach or temporary assistance will deliver what you require.
- Assess what happened, why (if appropriate), and what to do immediately. THEN correct the process so there is no next time.
- Return to business. March forward stronger. Reap the reward.
Growth can create challenges. Especially rapid expansion. Learn from the distress and build stronger for endurance.
Send us a note or a message at Info@ProteaConsulting.ca to discuss your questions, or for an opportunity to discuss how we may increase your company profitability, enhance your processes, and position your best people.