Just like Andy Murray, some very astute business owners think they are beaten when they have a temporary financial setback. In the current economic climate this could easily have been the consequence of matters outside of their control
I’d love to be able to play tennis. If I could play tennis and represent my town or city – I would be so proud. If I could represent my county – or even my country…unbelievable. But if I were ranked third in the world at only 22, well would I feel like a failure? No way.
But Andy Murray was clearly at rock bottom when he lost the Australian Open and spoke of letting down his fans. Despite being beaten he played superb tennis. I’m no tennis or sporting expert but at world class level in most sports, to succeed, you need to have gained not just physical strength but coordination, balance and above all experience.
Another sporting success, Jessica Ennis, struggled with injury before bouncing back and now seems unstoppable.
One common characteristic of these athletes is their tenacity and ability to boomerang back time and time again after defeat – and often even stronger.
In the business world this also applies. Just like Andy Murray, some very astute business owners think they are beaten when they have a temporary financial setback. In the current economic climate this could easily have been the consequence of matters outside of their control. Because they have never been in that situation before they often assume that it is a weakness in their own abilities. The fact that they cannot gain support from their bank further hits their confidence (despite the fact that this is more likely to be the result of the Credit Crunch).
Given the right and timely advice, such business owners don’t need to throw in the towel. They are not necessarily weak or poor business managers, but they are in uncharted waters. What they do need to do is to take sound, professional advice. This should be done whilst there are various ways of preserving the business still available.