Ego and denial can prevent business owners from making changes in time to avoid punishing losses.
In past articles and at seminars, I frequently speak about the various stages of business: wonder, blunder, thunder and plunder. I would like to dedicate this article to “plunder,” a serious illness that can cripple, maim and even kill mature businesses. Ten years of booming economic times have created an environment where many businesses suddenly find themselves facing challenges. Ego and denial can prevent business owners from making changes in time to avoid punishing losses. This article is dedicated to recognizing and dealing with the classic symptoms of a “plunder” business.
Owning a business is hard work and challenging. As we age, fighting the day-to-day battles can become tedious and unrewarding. If owners have done their homework and built a brand-name business with good systems and people, they can spend less time in the business and begin to enjoy some of the fruits of their labor. The following are some thoughts and ideas that help measure whether your business is beginning to spit, sputter and plunder.