Lessons to be learned from failed businessesI've been in business for awhile. During that time, I've seen businesses come and go.
I remember one business in particular (they were never one of my clients) who made a big splash with lots of money spent on advertising and a big launch party. There were some heavy hitters there at his launch to celebrate with the newest "player" in the market. Just a few years later, that same business quietly closed its doors.
Where did all his heavy hitter friends go?
I don't fault the man who tried to make a go of it. In fact, I wanted him to succeed. It takes guts to strike out on your own and he certainly was bold in his approach to implementing his business plan.
If I could find fault in the man's business plan, it was how he spent his money. If his business had been mine, I would have done more with the money to reach potential customers and less on spending to impress others.
If he had remembered that, perhaps he would be still be in business today.
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more. We offer a free initial visit and look forward to serving your business needs.
Richard J. Garcia | 08/29/2010