Shuttered

One more business shutters its doors. It is painful to see and experience. Whether you are a for-profit or social enterprise, here are some things to remember:

1. The market speaks. You may not like what it is saying, but people vote with their dollars. If you don't have the best service, customer experience, location, or prices and your competitors do, then your business will suffer. If people are not buying your product or service consider that people may not want or need what you are offering. There is a reason you lack revenue.

2. Numbers don't lie. You have to make more than you spend to be profitable. Period. Increase revenue and decrease expenses. That's the balancing game of business. It's just that simple, although, albeit, not (that) easy.

3. There is nothing wrong with regrouping and beginning again. Take a hard look and understand why the business is failing or failed before you begin again. If your numbers don't add up, you have to take a hard look and explore why. Likes on social media does not equal revenue. Compelling and heart warming stories do not equal revenue. Positive Google reviews may contribute to business growth but in and of themselves they are not revenue. If you want to begin again, identify what went wrong. Identify why expenses were too high and/or revenue too low. If you are going to begin again, take a realistic and authentic look at what went awry before you begin again.

Business is hard. Small business is especially challenging. Need help? Reach out. There are plenty of your connections ready to help you regroup, plan and survive to thrive.

-Mindy Muller, CFRE, President/CEO of CDP

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