We often talk about the Regrets Of The Dying – all the things people wish they’d done differently and wish they could change
What we talk about less often is the Regrets Of The Dying Business – the things the business owner wished they’d done different and wished they could change
And Small Businesses die all the time – More than half of new businesses don’t survive beyond five years
Think about that impact – it’s not just the owners, it’s the staff and all associated family members that are affected
Here are the Top 5 Regrets Of Dying Business Owners – from the point of view of the business owners
1. That More People Knew Our Business Existed
“Up until those last days I made a litany of excuses – people just don’t support us, people are buying online, people go for the cheapest option, if only people just shopped local and supported small independent businesses like ours
My biggest regret is – If Only More People Knew We Existed
If only more people knew we existed it would solve every single problem we have right now – the pile of bills mounting up, the rent and rates bill, the cash flow problems, the staff we’re going to have to let go, the fact that a salaried position is looking ever more attractive
If people knew we existed, we know what we’re doing is great so we would convert on customers every single time
If only we had marketed our business instead of hoping people would find us”
2. That I’d Acted On All Those Things I Said I Was Going To Do
“I had so many ideas, but I never acted upon them
Day to day got in the way. Fears got in the way. I went against my gut instinct
My to do list was full of functional stuff, rather than the ideas that could have changed my business and life for the better
If only I’d acted upon just 10% of the ideas I had then I wouldn’t be in this position right now on the verge of my business going under”
3. That I’d Listened To Others & Accepted Help
“So many people gave me advice – well-meaning friends and family, fellow business owners, blogs and press articles coming out of my ears
And I ignored it all because I knew better
Nobody could know my business better than myself, so whilst their advice might have worked for others how can they possibly know more than me
Now I wish I’d listened to them – they had my interests at the heart of the advice they gave and looking back at it – there were some real gems I wished i’d have acted on
I wish I would accepted help when it was offered. I was just too proud to accept it!”
4. That I’d Invested Wisely In My Business
“The bank statements are here in front of me and it’s clear to see – I invested in all the wrong places
I invested in my lifestyle rather than investing in my business
I wasted a lot of money that didn’t work and I knew deep down they wouldn’t work when I agreed – but I had to be seen to be doing something for my business
I said no to things that would have really helped my business and kept saying things were too expensive
I kept up all the trappings of my life before business and know I could have a sacrificed a little for the long term success of my business.
I wish I could go back and spend money on the right things”
5. That I Hadn’t Let Myself And My Family Down
“I let down a lot of people. My family who’d supported me through all of the past few years
They’d seen the excitement of the launch and then the depths of despair
I think i’ve let down my family – the people I should be supporting
Most of all though I think I’ve let myself down. This was the dream and it just didn’t work out the way I planned. I Didn’t do enough to make it work. Now I have to go back to the life I left behind”
YOUR BUSINESS DOESN’T NEED TO DIE
As you can see from the regrets above – most business failures are preventable. More business failures are suicide rather than dying from natural causes
Don’t let your business life be one of regret – let it be one of blossoming pride
If you want to chat to us about an effective marketing plan for your new business
Please call Alex on 07806774279 or email alex@altrinchamhq.co.uk
