AmiSight 9/14: What Do You Do When the Going Gets Tough?
There’s lots of information about scaling up, but scaling down can be just as challenging and just as important.
Businesses struggle for many reasons, and it can happen in good economic times and in bad. Right now, pandemic relief funds have been exhausted. Interest rates are up. And some industries are having a tough time in this economic environment. Housing is an obvious example, and of course, there are a lot of related industries that struggle when houses stop selling.
What do you do if your business hits a speed bump or even a speed crater? As one person pointed out in a recent post I read, there are plenty of books about scaling up. She was unaware of any books about scaling down. I think she’s right.
Over the years, I have had hundreds of discussions with entrepreneurs who have hit a tough spot. These conversations are never fun, but there are lessons to be learned about how to assess a difficult situation. Checkout my 21 Hats column today as I share some of these insights.