More customers do not necessarily mean successful business turnaround to a failing business
In my experience of business rescue, I find it very amusing when failing businesses employ more strategies purely to get new customers through the door and find themselves in the same situation again six months later.
Let me tell you a story to illustrate:
There was a monk named Lee who lived in a mountain, who was asked by his senior monk to bring back 10 gallons of water back to for his bath.
Lee took the first 2 bucket he found and had them hanging off the stick and went down the mountain to fetch water.
He filled up the 2 buckets and went on his merry way up the mountain. As he was walking up the mountain, he felt the weight on his shoulders was getting lighter. He thought he was getting used to the weight on his shoulders.When he got to the top, he proceeded to empty the bucket into his senior’s bathtub but to his horror he found nothing.
What Lee did is exactly what most business owners do in their business when trying to turn it around. They spend all the time getting more customers (filling the bucket) and along the journey, we forget to check the bucket to see why it is getting lighter and lighter ( no KPIs set) and when we get to destination, we don’t know why the bucket is empty (no cash). But their solution is go and draw more water from the well. (get more customers or sales) but failed to check what kind of condition the bucket is in (It was full of holes). First patch the holes (problems in the business) first then go fetch more water.
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All good wishes,
Founder of Business Rescue