you can miss more than you hit and still be a success!

for some reason failure is cool now. experts and gurus suggest we fail. and some people actually have failure parties. not sure what theyre celebrating. but they have them.

this isnt that type of post. i don’t suggest, encourage or want you to fail. but i do want you to try. and we will fail at some of the things we try. especial when we try things that are out of the norm.

now a good thing about failure is most of the time the impact isnt as significant as a win.

lets say you run a small service business. you have an idea for a new service. you spend $2500 training your staff on implementation. another $1500 buying materials. $500 to update your website.$1K to promote it to existing customers. then you spend $3500 to promote it to new customers. youre in for $8K.

now lets say over the next 6 mos your new service brings in $7K in revenue. $3500 of that went to pay your staff and you put the remaining $3500 back into promoting the service. over the next 6 mos the service brings in $3K. paying $1500 of that to your staff. after the math is done youve lost $6500 on this new service over the course of a year.

you may decide to cut your loses and stop promoting and offering this service.

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Posted January 8, 2017 by augustusmac in category "small biz