Sooner or later, every business owner faces the “wall”. That dreaded place of difficult and limited choices for their business. The episode covers five signs that your business may be hitting the wall and the four choices of an owner when that happens.
There is nothing to be ashamed of or embarrassed if you have hit the wall in your business. I personally believe that 100% of all business owners will hit a wall sooner or later, so we are all in good company. The hard part is recognizing the signs so you can do something positive about it.
Five Signs Your Business is About to Hit the Wall
- Cash Ratio is too low for your business or compared with industry norms.
- Employees are constantly disgruntled, complaining, or shirking their duties.
- Customers don’t pay on time and excuses are everywhere.
- Lack of down-time and vacation for the owner.
- Business owner has un-business-like thoughts that are first denied, but don’t go away.
Four Choices for the Business Owner When Facing the Wall
- Get out.
- Burn out.
- Scale down to a more manageable level.
- Radically change.
Cash Ratio Defination from Investopedia