It’s heart wrenching to see so many small businesses having to close their doors for good. Owning a small business is like having a baby. Sleepless nights, lots of hard work, plenty of trials. But ultimately a sense of pride in watching it grow and develop. So to see it all disappear is a real sense of loss. From what I’ve seen and the people I’ve spoken to, there are three ways small companies are going out of business over this time. Over the years I’ve closed businesses for each of these reasons. The cause is simple and very clear. Lack of revenue. Starve a business of its lifeblood and eventually it’ll die, some quicker than others. But some are particularly vulnerable, like the companies below. The first example business is doing OK before the COVID-19 lockdown, but now the … Read More
(Book) The E-Myth Revisited – Michael E. Gerber
A tactical book on the common reasons why businesses fail, and what to do about it. Knowing how to do the work is a lot different from knowing how to run a business. Everybody is a combination of 3 people: Technician, manager, entrepreneur. It’s knowing which one you need to be at certain times that’s the key. It advocates setting up a business as if it were a franchise, being able to replicate and systemise everything. The E-Myth Revisited (highlights) People who are exceptionally good in business aren’t so because of what they know but because of their insatiable need to know more. The mundane, tedious little things done right make a business great. Business is a way to know ourselves. A mirror to what we know and how we act. Just because you like baking pies doesn’t mean you … Read More