Herman School of Business
7 Steps Back to Success...
SEVEN STEPS BACK TO SUCCESS:
1)STOP PUTTING RESOURCES INTO STUFF THAT DOESN’T WORK: Give up on GM…others have shown they can make a car better and cheaper? What of your resources are you dumping into your failing business?
2)STOP USING CREDIT CARDS TO SURVIVE: The odds are months from now the business you are propping up will be gone and your debt will survive…killing your future.
3)STOP KIDDING YOURSELF ABOUT YOUR POSITION: It won’t get better tomorrow just because you want it too.
4)START UNLOADING ASSETS NOW BEFORE EVERYONE ELSE CATCHES ON AND STARTS SELLING THEIRS: Your assets will be worth less in six months…wake up and sell.
5)START ACCUMULATING CASH FOR THE UPCOMING OPPORTUNITIES: If you want to rebuild wealth you will have to have cash to play in the game.
6)START LOOKING AT OPPORTUNITIES WHERE THOSE WITH MONEY WILL PLAY: Don’t cater your business to the shrinking middle class…they will be the last to recover…go for the Big Bucks Guys…or sell something cheap that everyone can afford.
7)START LIVING WITHIN YOUR NEW MEANS: Most people will be making less just like you…adjust your lifestyle to reflect reality.
- Posted: 25 November 2008
- Comments: 1
- Category: Business failure
We’ve always lived on a shoestring because we’ve only had new shoestrings and old shoes. I wonder how the economy would work if everyone drove 15 yr old cars with 200,000+ miles, bought new clothes only for weddings and funerals, figured out how to fix their own cars, replace their furnace motor and the belt on the washer, keep the heat under 62 and the air conditioning over 80.
HERMAN SAYS: More people will learn to live on their own means...because their credit will be cut off. Congrats to those who stay out of debt.Written by Jeri on 2 December 2008