Throwing Good Money After Bad

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One of my favourite sayings is something accountants like to use… “throwing good money after bad” – and when I preface it this way, most business owners are just about ready to run for the hills.

But if you just hear me out…

Throwing good money after bad means continuing down the wrong path just because you already invested so much in whatever “bad idea” you decided to execute on, before you knew any better.

The problem with this mentality is you typically end up paying a very high price…

Case in point:

I often meet business owners who are at their wits ends – and at the end of their money.

They come to me and ask me to help them avoid bankruptcy.

They always find me in the 11th hour, always under extreme circumstances.

It’s an emotional plea, and one I understand and have empathy for.

But the truth is…it’s typically a situation that could have been avoided completely.

You see, what happens is business owners often lack confidence.

They are not sure of the right direction and so they invest in all kinds of dead-end solutions like SEO, Adwords, Conversion Optimisation – and whatever else is being peddled.

Now don’t get me wrong…

I’m not saying that any of those things are bad…

The problem is, there is no underlying strategy when they are used.

These business owners on the brink of bankruptcy usually don’t know the target audience intimately enough, don’t approach the target strategically and / or don’t have the right offer.

On top of that, there are a myriad of “little things” that just aren’t being done in their business. 

And it all adds up… causing business failure.

I know this because I have been starting, building and growing businesses since I was 20 years old.

I have seen a lot of ups and downs.  You could say I have more than a lifetime of experience compressed into just 12 years.

My advice?

I suggest before you get caught up in the next fad, make sure you have a rock solid strategy in place first, or find someone who can help you develop one.

Prevention is the best medicine… if you want to avoid getting into trouble and have predictable growth instead, have a proper strategy in place. If you’d like us to help you design and implement such a strategy, give us a call at 1300 680 223. We can help.