I saw someone use consolidation as a way to say I am strategically playing the game to meet my goal. Personally, I was not seeing a way out and it just seemed like an easier way to restart by backing out of useless or haste investments to slowly build back up again. I do hope you never have to be consolidating everything.
Lessons learned from this episode:
1. Don’t go in too deep
Finding the right balance always helps. Investing too quickly without being strategic results in what’s happening to me. Don’t try to do everything at once as it will end up putting a big hole in your pocket.
2. Don’t be sentimental
If it isn’t working sell. If it isn’t a strategy sell. Nothing magically starts working by itself (unless something happens). If you are willing to take a loss to sell your own products to keep things going, that is different from keeping a store that is just hitting you with losses open because it was your first store or it used to give you profit all the time.
3. Train early to improve quality
Training early will help increase the quality of products and efficiency of the workers helping them remain competitive.
What do you think? Leave a comment below.