In the world of business, things happen and sentiments change. Some of these problems are easy to detect and change with just a minimal effect on the outcome. But what do you do if you are confronted with hurdles and stumbling blocks that prevent you from obtaining your goal?
Recently, an acquaintance was talking about working with a rather large development project in western North Dakota. Things have been slowly deteriorating as local opposition increased, not to mention the often chaotic market conditions. As the project moved along, it seemed like hurdle after hurdle was being thrown up in front of them whether from the city, price of commodities or labor force issues.
This is a hard situation to be in where so much time, energy and effort have been spent to see the project through. And at what point do you fold the cards and walk away from the project all together?
In the end, business is business. If the venture is going to start costing more than can be recovered down the road, the option to walk away increases.But if issues are resolved in a timely manner, the process should continue, hopefully to a decent return down the road.
At what point in the dip of business do you hold them or fold them?
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Tags: Blogging, Business, Continuing, Marketing, Quiting, Unconventional Marketing
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What to do when business plans don?t go as planned: In the world of business, things happen and s.. http://tinyurl.com/4gxx9c
Wow, that's a good question. Optimists often hold on too long. I guess it all depends on if you are a visionary or not. If you can see the future clear enough to pull the plug at the right time. However sometimes judgment is clouded by passion. Rose colored glasses are often worn till the end.
That's why every business owner should have a circle of trusted advisors/confidants. Many a business has failed because it has grown outside the skill set of the owner. Always surround yourself with people smarter than yourself and seek their advice. You can learn a lot from seasoned business professionals. Passion does not equal savvy. Trust me, I know.
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This is where experience and inexperience come to play…
With experience, you can better prepare and prevent
It's like playing a video game over and over again – before long you can beat the whole thing because you know what to expect and how to get around it. But the first few times, you'll lose.
It's a learning experience. I like to see things through, and that will certainly help your reputation – bailing out doesn't help with that very much at all – especially if the client views you as the one responsible (even if you aren't!)
Having just gone through something simular at work, we were adding an expansion, just a simple one with walls and roof over an existing concrete pad. . . 8 months later and $30,000+ the city was still giving us a hassel, for a reason they could not provide. So we chose not to build the expansion to the facility.
It was a hard decision, but we had to look at not only the actual cash out lay, but the time and expense of our key people who were fighting over everything.
It was not a decision that made us happy, but we've now moved onto other things.
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"At what point in the dip of business do you hold them or fold them?" I'll let it go if I don't see the future of it.
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