R. Shawn McBride recently spoke about factors to consider on whether to keep going or giving up on your business.
Hey, folks Shawn here. Talking about an important issue that comes up sometimes from entrepreneurs. They ask me, when do I let go, when do I move on?
Maybe some of you in the audience this isn’t as applicable for you. I know many of my followers are very successful. You’ve built businesses. Others of you are newer and you’re getting something new started. Many of my clients have been successful in one business venture. Perhaps working for somebody else and now they’re building their own new business venture. So a real question becomes when I’m building my new venture and making things bigger when do I say enough is enough? When do I say I’ve got to call it quits here and I’ve got to go in a different direction? And we really want to look at the facts and circumstances.
One of the keys that we’re looking for is progress. We don’t need everything to be working perfectly. We don’t need to be looking at even certain financial metrics. What we want to show is progress. Are you getting new customers coming in? Are you creating market interest? Are you getting conversations with the big players? Because a lot of times, particularly in the start-up world, we have a snowball effect, right. Things happen, things happen and then suddenly they go. You get conversations with big suppliers, big customers, and eventually one of those conversations with a big customer turns into a huge contract. And then you close the next big customer off of that and the next big customer off of that, next big customer off that. So that’s what you’re looking for when you’re making this go or no go decision.
Do I stay or do I go? Do I continue to grow the business or do I give up? You want to look at where you’re at relative to where you were and are you growing and are you doing more? And if you’re not, you’ve got a problem. If you are, you’re doing good things. And this can almost be a weekly or monthly review. Probably not daily. You’re going to have good days and bad days. You’re going to have unproductive days. You’re going to have disrupted days. But every week, are you getting conversations with the right people? Are you moving the business the right direction? Are you growing the way you need to grow? These are key things that you want to ask yourself and look at.
So if this is resonating with you, if it’s a type of issue you’re dealing with, subscribe to our youtube channel, McBride for Business. Like the R. Shawn McBride public page because we’ll keep delivering content like this to you. McBride for Business blog. Lots of great info there along with the McBride attorney blog. Get your business evaluation checklist at McBride for Business, and let me know how I can help you, send me an email. Generic questions I’m glad to do videos like this. More tailored stuff we can do some one-on-one work or maybe I come in and speak to your group and help them understand these issues that unlock things. So if I can help you in any way please feel free to reach out. I’ll see you in another video very soon. R. Shawn McBride signing off folks.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Stockers 9.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.