In my review of
A Guide to Business Failure
by The Failed Entrepreneur posted on Amazon.co.uk, I gave the book Three Stars. This means Worthwhile.
Here is my book review.
The downfall of a complacent business owner
Some businesses fail before they really get going, they start, they stutter, they flop. Other businesses start, grow, do well and then, bit by bit, go into a gradual decline.
It’s a bit like ageing in your 40s or 50s.
You start by seeing someone in the mirror who looks good, vibrant, full of life. Days go by, you don’t notice any changes. OK your clothes seem to shrink around the waist and you have to go up a size. Then one day you see two photographs, you yesterday and you five years ago. How can they be so different. Hair has receded, lines deepen, bags appear under your eyes, the face looks flabby and as for the body…
Enough of the analogy. This is a light-hearted look at how a “good business” goes bad.
The meeting with the new bank manager seemed harmless but the warning signs were missed. They want to send in a team of accountants to have a quick look.
You don’t think the report is too bad but the bank disagrees and your accountant recommends some management consultants to help see if the business can be knocked back into shape.
You can probably see the slide down the slippery slope. How a “good business” becomes bad.
As a warning of what could happen, it will be an eye-opener. I’ve seen the process in operation albeit for public limited companies.
But I’m not sure it will have much effect. The majority of those who should read it, won’t. Many of those who do, may stay locked in the complacency trap thinking “It couldn’t happen to me.”
The author has listed some warning signs but he’s tried to make them humorous. I think that was a mistake. This was a chance to get real about the warning signs and hopefully set a few alarm bells ringing.
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