We left you last month at the end of the road for Best Bros Builders Ltd. Two mates, being forced to go separate ways, two families close to breaking point, a massive debt, homes on the line and bankruptcy looming.
It’s a tragic story, but also a very common one. This sort of thing has been going on for decades and will continue to go on for many more decades — and the reason for that is that there are people involved.
We are a complicated bunch and, although there are a set of simple Business 101 rules to follow, when you add in pride, greed, jealousy, lack of knowledge and a whole raft of other human emotions you have to ask the question “is there really any hope of becoming successful business people?”
Well of course there is, and it’s happening everywhere.
What could the Best Bros team have done differently? In an ideal world they should have read Business Set Up 101 and followed the list below:
This is simply a business in a box, and should be done before you start your first quote. It will give you the best foundation for your company and, if done properly, will iron out most future issues.
In reality, many companies do complete some of, or the entire list above, but they do it during the life of the company. This is not a bad thing as long as it gets done. But in our “ideal” scenario it’s best to do it at the beginning.
Now don’t for one minute think that if you have all seven points in place you are guaranteed success and millions in the bank, because we come back to the human factor.
You have to work the list, and if you are not sure how to do that here’s a novel idea — get some help. Forget your pride, get over your shyness and pick up the phone and call.
Some of the best business heads in the country surround themselves with people who know more than they do, and the bonus is that it makes them look good.
If you are up and running and don’t have any, or some, of the points then don’t stress — it’s not too late to put them in place. If you are suffering some of the symptoms that the Best Bros Builders did, there is still hope.
Two simple but life changing pieces of advice I can offer are:
Could the Best Bros business have survived? The answer is possibly. This is, of course, dependent on many factors — one being future profitability to sustain debt reduction — but over and above that is attitude.
If you want it to happen it can, but you have to be ready for change, open dialogue and the introduction of some outside help.
That’s too many words about the not so good side of business. Next time we’ll chat about a success story.
If you want to discuss a problem you are facing, always remember you can give Trades Coaching New Zealand a call on 09 945 4880.