Be the Fox, Not the Chicken

Most businesses don’t fail because of bad luck. They fail because nobody had the guts to quit something that wasn’t working.

Here’s what I’ve noticed in the real winners. It’s a bit like the difference between a chicken and a fox. The fox knows when something isn’t working, and it cuts and runs. No hesitation, no sentiment. If the customers don’t want it, the fox looks for what they do want and moves on, regardless of the effort and resources already put in.

The chicken hangs around. Keeps doing the same thing, hoping it turns around. And usually, it gets eaten.

It doesn’t matter how much money you’ve already put in. If the market is telling you they don’t want it, they don’t want it. That money is already gone, whether you carry on or not. The question is whether you keep spending on top of it.

You only need to look at someone like Richard Branson. He’s built a career on knowing when to walk away and when to push on. Virgin Cola, Virgin Brides, Virgin Cars. All gone. Virgin Atlantic, Virgin Galactic, Virgin Active. Still here. The ones that survived are the ones the market wanted. The ones that didn’t are the ones he had the courage to cut.

I’ll be honest with you. I wish I’d had that kind of guts when I was younger. It took me a while to learn it. Hopefully age brings a bit of wisdom, if nothing else.

So here’s today’s question. Look at your business right now. Is there something you’re doing that’s costing you money, and the clients just aren’t buying it? Doesn’t matter what you’ve already sunk into it. The money’s gone either way.

Be the fox. Live to fight another day.

I am Mark Smillie. 07710 466166.