WHAT DO YOU DO DURING BUSINESS FAILURES?
Good day great minds.
It’s been quite awhile and to be honest, it’s not been easy joggling roles and responsibilities between being a father, husband, brother, uncle and friends to over a thousand people who believe that they are part of the reason why I must work hard.
Well, we thank God for life and every other benefits He’s given with it.
Recently, I met with a friend whose once vibrant business was near extinction.
He had seen a lot of my articles and felt I should be able to discuss and offer some sort of solution to his quagmire.
We arranged a meeting and got talking.
I allowed him for about 45 minutes to empty himself.
It was obvious that my friend was in pains and that if something urgent was not done, the multiplier’s effect will be more than just a business closure.
I noted all he told me and then asked some few questions which he answered passionately with all indications of truthfulness.
He portrayed a perfect picture of a patient at the threshold of death and before a physician who has been tested and trusted over time.
I was to see him in a week’s time and come up with what I believed would help.
But I wouldn’t just leave without having at least 15 minutes of quality interaction each with the few staff left.
I requested for their last one year bank statement, their stock /purchase book, the credit register and their clientele list – those who are walk-in and those on retainer-ship with the company.
My friend, Samuel operates a 35 room hotel in one of the big cities in Nigeria .
Well, what were my findings?
I did return to Sammy with so much to talk about ranging from
- Poor management issues
- Financial indiscipline
- Maintenance challenges,
- Poor client/relationship management issues and so much of operational irregularities.
I was still discussing with Sammy when I noticed his responses were laden with pains and near hopelessness.
His eyes were soaked with tears even though he wasn’t crying aloud…..he seized my arm and said:
“Is this redeemable Festus or do you suggest I just close the hotel down?”
“Close what down?”
I had answered swiftly with equal but opposite sides of our passions.
“No way! We will fix this together in 3 months and I am sure you will be back to business again.”
That was the best news Sammy has heard in the last eight months.
He managed a smile and said “Thank you”.
We did all we agreed to do and for the first time in 14 months, Sammy was back to business.
90% of the clients came back.
Funds were prudently managed.
All outstanding staff salaries and vendors’ payments were cleared and the hotel became one of the best employer of labor again.
I earned my fees and was very fulfilled even as I left Sammy and his business.
What we did?
Don’t worry, we will unveil all of these and much more to you at our various teachings/ training sessions at EXCEL & GRACE CONSULTING.
Businesses do not make people; people make business and this is why our emphasis in the last 10 years has been developing people to helping them achieve their dreams.
Are you struggling with similar challenges in your business or different challenges unique to your business?
Would you like to have a session with us to sort this out?
Send an email to info@msmeconnect
Festus ( The Coach )