Auqeo! Blog--Start, Refresh, Adapt, Evolve

Every business needs some reinvention from time to time to stay in business.  When that time arrives, reach out to us; we're here to make you thrive.

Why do so many companies fail? The beginning is always an exciting journey, from hiring employees to new innovations and, finally, landing that first big deal. But fast-forward a year, and that hip tech start-up is no more. What went wrong? Plenty. A riveting New York Times blog by Jay Goltz cites the top 10 reasons small businesses go under. From out-of-control growth to poor accounting, there are many ways organizations engage in self-sabotage. One of Goltz’s most prominent postulations is operational inefficiencies.

When Borders Books & Music announced it was going out of business, a shockwave rocked its customers. Despite the sad news, most of us still went to our neighborhood store to take advantage of the massive merchandise markdowns. My friend Scott recalls getting to the register, and handing the woman behind the counter his credit card to pay for his purchase. When she looked at it, her eyes nearly bugged out of her head, aggressively exclaiming, “This is why we’re going out of business!” Scott glanced at his Amazon.com Rewards VISA and sheepishly mumbled, “Oh, sorry.” Even with their occasional 30 percent off coupons, Borders couldn’t compete with Amazon’s lower overall prices, and they weren’t a small business.

Goltz was right when he said that entrepreneurship is rarely forgiving. Our parents and best friends will give us another chance when we get a D on a paper or flake on plans; not true when it comes to the business world. If your company is hanging on by a thread, a revitalization plan is essential to avoid shutting down. Don’t let all that hard work go to waste. With a bit of restructuring and planning, it’s possible to rise to the surface again and prosper.