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Don’t let the business be bad for business

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Is working yourself into a near-death state a sound business strategy? I wouldn’t bank on it.

Don’t let the business be bad for business

Banker of Last Retort

I am lazy, so the life of an entrepreneur has no appeal for me – but I do have a certain sympathy for those of you so inclined.

For this reason I was a little saddened to learn that the two brothers that operate my local bakery are selling their business.

About 12 months ago their apprentice left, and they have been unable to find a suitable candidate to replace her. To fill the hole in the roster, they worked additional hours.

After a year of 100+ hours per week they have had enough. Bodies, souls, and spouses can’t take any more and the business was sold. For their sakes I hope they achieved a good price – they deserve it. But it would be a crying shame if they have accepted the first offer because they are too exhausted to prepare the business for sale and conduct a proper marketing campaign.

Now, the points that I am going to make are obvious. I’m sure that my readers will say to themselves “tell us something we don’t know, BoLR”, and I would be inclined to agree with them – but for the fact that I see the same thing happen over and over again.

So let me pose some questions:

1. What is the impact of a key staff member leaving your business? A replacement that costs a little more, or the death of the business?

2. When did you last take a break? Do you have a plan to guarantee that you will take at least two week’s holidays in the next 18 months?

Of course if your strategic plan reads something like “work myself into a near-death state and virtually give the business away when I can’t take any more” then you don’t need to worry, and may carry on as you are.

 

To read more Mr Banker blogs, click here.

 

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