Business Failure is real. It happens every day.
Your business might not work, but would you rather know now or later?
This is a tough conversation to have, on a website, or in person, without sounding negative, aggressive, or downright rude. But this article, I promise, is about being positive. Your time is finite, and I believe as a consultant that you should spend it doing something worthwhile, and that means seeking the truth of what your business is or will become—not what you hope it might be.
The Tough Reality of Business Failure
The truth is tough, it hurts. No matter how much you might want it to, the business might never make enough money to succeed. The reality of a business failure won’t change by not looking at it. Confronting the reality of your business saves an enormous amount of time, money, and effort. It’s far better to determine if your idea is viable now rather than discovering it was flawed from the start after investing significant resources.
Truth vs. Reassurance
Before diving into the specifics, let’s discuss a fundamental shift in mindset: understanding the difference between truth and reassurance. Humans often crave reassurance, which makes us feel good, but the truth rarely provides that comfort. Our evolutionary background shows that we are wired for survival, not for coping with modern complexities.
Human Curiosity and Its Pitfalls
Humans, like our chimpanzee relatives, are inquisitive. Yet, while chimps remain blissfully unaware of the world beyond their immediate surroundings, humans are inundated with information from across the globe. This overwhelming influx can lead us in two detrimental directions:
- Avoiding Information: We may harden our views and stop listening to others, leading to tribalism and widespread hate.
- Avoiding Decisions: We might become overwhelmed, break down, or refuse to make decisions, a phenomenon sometimes labeled as “Millennial Indecision.”
The Information Overload Dilemma
Unlike chimps, who manage with limited but crucial information, humans struggle with an excess of data that is rarely life-threatening. Yet, refusing to face the truth or make decisions can be disastrous for businesses. Ignoring reality makes us sloppy, slow, misguided, and arrogant.
The Importance of Seeking the Truth
Determining whether your business is worth starting or continuing might cause short-term discomfort. However, this honest assessment will save you from wasting money, effort, and mental health in the long run. It’s better to know. Curiosity and embracing negatives allow us to address and solve potential problems. Ignoring them doesn’t work.
A Path to Viability
Understanding whether your business is or will be viable is crucial. While it’s not a guarantee, it offers a much better approach than simply hoping for the best. By seeking the truth, you can make informed decisions about your business’s future.
Conclusion
Business failure is an option and not something to be avoided. Embrace the truth, face the challenges head-on, and make informed decisions to ensure your business’s success. It’s better to know now than to regret later.
Underpin offers a free consultation to discuss your new or existing business, and we provide deep insight into the viability of your business. Book your call now.
At Underpin, we believe every business deserves access to the strategic skills of a business or marketing consultant, skills typically reserved for larger organizations. Our mission is to empower businesses to grow, reduce owner stress, and implement actionable, comprehensive plans that the entire team can embrace.
We know that a solid plan can drive success because, with the right strategy, anything is possible. As an independent consultancy, we aren’t limited to one method; we recommend the solutions you truly need, not just what we offer.
Underpin delivers expert business and marketing strategies at an affordable cost for the public sector, as well as small and medium-sized businesses. Let us help you build a successful future.
