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Jim Connolly

Lessons To Learn From A Failed Business

Tuesday, November 26, 2013

I want to share something important with you today. It’s a heartbreaking email I received last year, from a reader.

He was a small business owner, who had to cease trading after 5 years in business, because of 2 critical errors he had made. As well as showing you the errors, I’m going to show you how to make sure this never happens to you.

The following excerpts are quoted, with the author’s consent, though they have asked me not to use their name. Here’s a section of the email, quoted unedited:
“Me and my wife quit our regular jobs in 2007 to start a business. We were excited and worked like crazy to make it a success. By mid 2011 we knew we were in trouble as our life savings were almost gone and the business was still making too little money to cover our overheads. We’d been dipping into our savings from the get go to make up the short fall from the business. By February this year we knew we had to quit the business and get jobs. Last week the business was closed for the last time”
He went on…
“Looking back I see we made two major errors that I’d like to share with your readers to stop them doing the same. First up, I was trying so hard to keep our costs down that I didn’t invest in the help we needed. I wanted our savings to last as long as they could so we hardly spent anything and ended up starving the business of the professional help that would have saved us. Second up, we were waiting for some big sudden sign to show we were screwing up but it didn’t happen like that at all. We didn’t go broke over night. It was a slow process which looking back had been happening for years. That’s what stopped us taking urgent action years ago.”
Failure doesn’t happen overnight

One of the reasons so many intelligent, hard working business owners fail, is that failure doesn’t happen overnight. It’s extremely subtle. It creeps up on you. It’s seldom the result of one cataclysmic decision, but usually the result of small errors, repeated often.

Here are just a few examples:
  • When you push your marketing at people, it hurts your business a little.
  • When you think you’re saving money by doing it yourself, rather than hiring an accountant, a marketing professional, a web designer etc, it hurts your business a little.
  • When you copy the social networking approach of your peers, making yourself almost invisible, it hurts your business a little.
  • When you can name the judges on the top reality TV shows, but you don’t know who the key people in your marketplace are, it hurts your business a little.
  • When you allow an amateur looking website / blog to make you look bad, it hurts your business a little.
Success doesn’t happen overnight

Like failure, success doesn’t happen overnight either. People want overnight success, which is why there are so many bullshit books, webinars and seminars that promise it. In reality, we know that business success takes time. It’s subtle. It’s seldom the result of one smart decision, but usually lots of smart decisions repeated often, over time.

Here are just a few examples:

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About the Author:
Jim Connolly has worked in marketing for 24 years and had his own successful marketing business since the mid 1990's. Jim is known worldwide for his ability to help small businesses make massively more sales and boost their profits. Although Jim now works exclusively with small businesses, he has worked with people from some of the best known companies in the world. These include; The BBC, Disney, Rothschilds, Mitsibishi, Hewlett Packard, Edelman and AWD PLC plus many more. To see how he can help your small business, visit his blog at Jim's Marketing Blog.
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