NETWORK NATIONAL CONVENTION: ‘Businesses Don’t Just Die, They Commit Suicide'

By Mark Phillips

Mark Phillips
Tom Shay believes businesses don’t just die, they kill themselves.

Shay, who owned a family business that operated for decades, believes that more than anything, business owners sabotage themselves and that leads to their downfall.

“I believe people who are small business owners are the best people on earth,” Shay said to crowd of attendees at the Automotive Distribution Network’s National Convention in Nashville, Tenn. “It takes guts” to run a business.

Most often when a business fails, “it’s the things we do, the things we fail to do. We’ve done it by our failure to act.”

Shay pointed out what he believes are the Top 11 things that will kill any business.

1.    Believing you have enough cash on hand in the business.

2.    No understanding that every product has a natural “buy” cycle. “What we need to do is have the highest amount of inventory right before that season peaks.”

3.    Thinking you don’t need a business plan.

4.    Operating a business because it was originally related to your hobby.

5.    Thinking that if you run out of something, you will just order more.

6.    Thinking you don’t need a marketing strategy.

7.    Believing advertising and promotion are optional.

8.    Thinking theft is not a problem.

9.    Believing you don’t need job descriptions, policies or procedures.

10.     Using any extra money to buy inventory.

11.    Believing your customer service is as good as your competitor’s.

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