By Francis Breault
For the past few years, the VendArt team has been helping companies that are having difficulty surviving.
In fact, we have noticed that there are many businesses in Quebec that are in the grip of huge debts and the idea of closing their doors has become a more than feasible option for them.
We meet the owners of these businesses and we can see the distress in their faces, feel their pain. Many entrepreneurs sacrifice their lives for the identity they create and watching their “baby” slowly die out is torture. Why are these companies about to die? Close your eyes and think about the first business idea that comes to mind; a talent, a dream, a passion...
Let's say you want to go into business as a painter because you like to paint and those around you appreciate your works. Or, you have a special talent for renovation. What do you think?
Well, you have found the idea and you take action. You start the business. But now, what is the first step?
Acquire customers? Advertise? To hire? Invest in tools? Go see an accountant, a lawyer?
Ask a neighbor for advice, etc.? We all have different answers and they could all be right. It all depends on our perception.
But which one to start with? You certainly have an X talent, and by force of circumstances, you are forced to perform tasks that you do not know as well. The business starts and it begins to grow. Time passes and, after 10 years, you have 10 employees, a turnover of $1 million, a line of credit of $100,000 and, at the end of the fiscal year, you end up in losses with a loan fully loaded. But why? Still, the company makes money…!? Your most beautiful dream has become perhaps your worst nightmare...
To play hockey, there are three attacking players who make up the offensive line, two defensive players who are the defending pair and, of course, the goaltender who guards the net.
Then there are the coach and his assistants, supporters to encourage the team and referees to enforce the rules of the game.
Now imagine a hockey game where there is only one player present to form the team… He will try as best he can to occupy all the positions (attacker, defender, goalkeeper, coach) at the same time.
On the other side of the ice, the opposing team, meanwhile, has players to fill each of the positions. The game would undoubtedly be interesting to watch, but the chances of victory would certainly be with the complete team which aligns specialist players from each position.
For a company to be in financial health, it must have key players to help it score goals.
How to avoid such a situation following a start-up or growth? Plan the steps of your journey with experts. Planning will allow you to attract the best players and play the game with the right “equipment” (read tools) to win.
Always focusing on your talent, surround yourself with people who are passionate about your project and who have strengths that you have less control over.
There are people to help you!
Good success!