Cut Your Losses

Cut your Losses,

    In life, there are times we must admit our mistakes. In our personal life it may be saying we our sorry and buying flowers. In business, it can mean the difference of lost money or a company’s reputation. Sometimes, it is best for a business owner to cut their losses, admit they were wrong and find another way to keep their business moving forward.

    

     Face it, not all programs and systems work for every company. Ford’s assembly line doesn’t work in a Senior Home, and McDonald’s timing system doesn’t translate into an artist’s creative genius. For small businesses, experimenting to find the correct way of doing business along with hiring a good mix of support staff can be difficult and may require changing course. And the first step is admitting you were wrong.

     Is a business relying solely on computers for tracking information? Is the company a services business with clients or does it have a product to sell? How important are employees to the welfare of the company and does it have a key person it cannot exist without? Getting into the basics of functionality will not only help with the identity of the company but it will show where money should be used to improve the business.

     Remember the old saying, “Work ON your business, not IN it.” Take a good look from the company as a whole, do you have the right people in place? Do you have reliable systems with back up plans in case a computer is lost? Do you have enough money going into research and development? Most importantly, is your company turning a viable profit and are you a reputable company people are giving positive thoughts?

     It is OK to admit your mistakes, cut your losses and find something else that works for your situation. Victory can make us weak because we settle on our laurels and we must learn from our mistakes. Take that leap, admit your mistakes, buy those flowers and always strive to take your business Up One Level.