Learning from other businessesI walked to the Library at lunch (again). It's dual purpose (improved health, improving my mind) is still a work in progress.
I have checked out a new book recently which covers steps to evaluating if a business should be closed, set into dormancy (to wait out economic downturns) or repositioned in an effort to return it to profitability.
The negative title to the book was somewhat surprising and I felt the need to point out that my business was fine when the Library attendant was scanning the book for me.
When a business is doing well, I don't have a want to check out a book on how to celebrate success. I like to read books on what to do when a business is not doing well. I suppose it may have something to do with knowing so many well known companies growing up that are no longer operating.
Sometimes the end of a well known brand can be a cautionary lesson for people who continue to operate their own enterprise. Reading books on their story is a frugal way to feed your brain and learn from them. Many of those type of books will give an insight on what worked for them to grow to a large size and then what was their undoing. Knowing where the rocks are can prevent your business from falling upon them.
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Richard J. Garcia | 01/04/2011