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Know when to quit………….

In my definition being persistent in business is about working to bring a product/service to a target market that has been identified as needing that product/service.

Persistence can be found in several areas:

  • In the developing and refining the product/service
  • In bringing the product/service to the attention of the identified target market
  • In the delivery of the product/service

I compliment business owners who are persistent, but I also chastise them when their “persistence” is focused on doing the same thing and expecting different results. An example is a business owner that 18 months ago signed an advertising contract with a trade journal, spent his entire marketing budget on that ad without getting a single call and is in the process of renewing the contract for an additional 18 months. (As dumb as this sounds, it is a true story; only the circumstances have been changed to protect an almost client)

Smart persistence is about trying alternative ways of solving a specific problem. Growing a business requires bench marks against which different efforts are measured. It requires having an open mind, seeking advice, having a workable plan with accountability and bench marks, and most important, knowing when something isn’t going to work.

It takes GUTS (God’s Undeniable Terrific Secret) to quit a direction that isn’t taking you anywhere and either find another or close the business. It’s ok to fail in an endeavor, be it a specific direction or the entire business model.

Knowing when to quit with an understanding of the important lesson learned, may be one of the biggest steps one can take towards future success.

A realist is an idealist who has gone through the fire and been purified. A skeptic is an idealist who has gone through the fire and been burned.                                         Warren Wiersbe

 

At Strategic Duck we believe that business failure can be avoided by being aware that change is the only constant in growing a business and by providing the support necessary to make such changes.

Nick J. Petra CFP        www.strategicduck.com          nick@strategicduck.com

 

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