My Business Ran Out Of Money –

 

 

Now What?…

 

Question was asked on LinkedIn:  What’s the number one reason businesses run out of money? Money Bag Representing When Your Business Runs Out of Money

After several responses the original poster asked:  But how does one plan to have money if they don’t know what the business will bring? Meaning: most small business owners are terribly unequipped to predict sales of a new business.

Here’s my answer if you find yourself asking…

My Business Ran Out of Money, Now What?

  • That’s the point – Those who don’t know what money the business will bring are terribly unequipped.
  • One needs to do the “work” (i.e. research/due diligence/market research) whatever term you want to put on it to know what the market will bring – before building.  Why build something no one wants and no one will pay for.
  • How do you project if you’ve never had a business? – All of the above in addition to historical data from other similar successful businesses can help one out with this information gathering.
  • Last but not least – You plan by following a Running Lean approach (books) = The Startup Owners Manual & Four Steps to the Epiphany – Steve Blanks; Business Model Generation – Alexander Osterwalder & Yves Pigneur; Running Lean – Ash Maurya Startup Owners Manual authored by Steve Blanks

– Test Often to Fail Fast or Pivot

When your business runs out of money it’s because you missed the piece of doing the “work.” And to be fair you didn’t know the work to do, but also never asked.

People have been led to believe or got the notion somewhere that building a business is easy.  This could in of itself be a whole separate conversation.

One can learn enough to be competently equipped on any given topic by:  reading the top 5-10 books, listening to the top 3 – 5 CD’s & attending an event or 2 on the topic of desired learning. <-First heard this from Darren Hardy – SUCCESS Magazine

Bonus: Exclusive Access to Free Membership to Business Management and Office Training When You Enter Your Name & Email in Box to Right!

The contents of this article and/or infographic may be copied, reproduced, and freely distributed for all nonprofit purposes without the consent of the author as long as the author’s name and contact information are included. Example: “Reproduced with permission from Roberta Eastman Enterprise. http://www.robertaeastman.com/blog Email info@robertaeastman (dot) com with questions or to request to receive additional business management and office training.

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About Roberta Eastman

Roberta Eastman specializes in Janitorial Management Franchisors, and Growing Business Owners training their Business Office Manager and Support to Be High-Performers, Without Them Being Tied to the Business Owners Hip

Comments

  1. I just want to say I’m newbie to blogging and site-building and definitely liked this web-site. Likely I’m want to bookmark your blog post . You really come with really good articles and reviews. Cheers for revealing your web-site.

    • Hi Tyson,

      So glad you found the blog & site. Welcome aboard to being online. Let me know if there is anything I can do to assist you. Also, if you are moving into self employment at the same time you are coming online, it may be helpful for you to visit my blog: http://www.selfemploymentgps.com.

      Welcome again and make sure to ask questions,

      Take Care
      Roberta

  2. Please let me know if you’re looking for a article writer for your site. You have some really good posts and I believe I would be a good asset. If you ever want to take some of the load off, I’d love to write some content for your blog in exchange
    for a link back to mine. Please send me an email if interested.
    Thanks!

    • Wayne – I attempted to send you the below email however, your email left with the blog comment failed to deliver. Please contact me through Contact Form
      with the below requested information, if you are still requesting to connect with me, so we may build on our relationship.

      Take Care
      Roberta

      Wayne,

      Very nice to meet you. I appreciate your request on my blog & you’re comment regarding good posts.

      I would be open to learn more about you, build on our relationship and evaluate how you can best serve my audience.

      Please share with me who you are and ways in which I can learn more about you. – Thank You for inviting me to step into your world!

      Committed To You Multiplying Your Business,

  3. Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my
    newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.

    • Hi Wyatt,

      Thank you for asking the question! No worries about something being off topic. We are all here to Connect, Share, Teach, Lead & Learn.
      And I do have a solution for you. It is called Ifttt. Just google ifttt and you will find it.

      Ifttt allows you to set up recipes per se. If I do this, then do that. You can set up a lot to automate your business. Which I recommend automating as much as you possibly can.

      You asked for an update just in time. Please make sure to read my newest blog postSmart Goals in Business – My Business Ran Out of Money, Now What?…Part 3

      Thanks again & I look forward to connecting with you further!

      Roberta

      p.s. Next Up…Free Audio to Download of Interview I’m doing at months end on Accountability – Responsibility – Commitment Part 2 of http://www.robertaeastman.com/arc/

  4. I don’t know whether it’s just me or if everyone else experiencing problems with your site.
    It appears like some of the text within your content are running off the screen.
    Can somebody else please provide feedback and
    let me know if this is happening to them as well? This might be a problem with
    my internet browser because I’ve had this happen before. Thank you

    • Hi Lyn,

      Thank you for sharing the feedback on the site content.

      It is extremely important feedback that you have provided and most important for business owners to ensure their sites can be used easily on all viewing platforms. I attempted to duplicate what you were seeing and was unable to do so.

      With you sharing this has happened on other sites with your viewing I can offer a couple of solutions for you to try on your end, since I was unable to duplicate.

        1) When troubleshooting any problem, step 1 is to always clear your cache & cookies
        2)Try another browser on a site that is not rendering for you properly. Example: if you are using internet explorer try firefox/google chrome/safari.
        3) Check your screen resolution settings on your computer – adjust if necessary

      Hope this helps, & I look forward to connecting with you further. I’m thinking you are part of PJ’s tribe, if so, thank you for visiting.
      Roberta

  5. I’m truly enjoying the design and layout of your website. It’s a
    very easy on the eyes which makes it much more pleasant for me
    to come here and visit more often. Did you hire out
    a designer to create your theme? Exceptional work!

    • Hi H Williams,

      Thank you for sharing! The part that was hired out was just theme install. You can get the theme at studio press. I lead the build, change, design & maintain the site theme & insides myself.

      Please come back and enjoy. SMART Goals – My Business Ran Out of Money Part 3, is being posted this week (infographic/worksheet & article).

      Again Thank You & I look forward to connecting with you further,

      Roberta

  6. Excellent blog here! Also your web site loads up very fast!
    What web host are you using? Can I get your affiliate link to your host?
    I wish my site loaded up as fast as yours lol

    • Hi There,

      Sorry I dont know your name. Please feel free when you return to my blog, to introduce yourself. I look forward to connect with you.

      Thank you for reading and taking time to comment. I’m thrilled to hear the website it loading quickly, as that is such an important part of sharing your information, the info shows up when it should.

      I very much appreciate your offer to use my affiliate link for my hosting. However, please sign up directly with a host solution that best fits your needs.

      I’d be happy to put together a recommended technology page from my perspective that will assist you in finding a host such as bluehost.com.

      Thank you again for your time in sharing your insight on the site. I appreciate your energy.

      Take care till next time,
      Roberta

  7. Aw, this was an extremely nice post. Taking the time and actual effort to generate
    a great article… but what can I say… I put things
    off a lot and don’t seem to get nearly anything done.

    • Hi Zur,

      Thank you very much for your comment. Im happy to share what I can to help.

      Regarding putting things off, we have all been there & done that. I know until I incorporated what I call my “ARC” – see blog post titled “Is Accountability a Priority”, I too wasn’t feeling like I was getting done what was most important.

      I would like to invite you and everyone reading to sign up for a free download that will be available after I do an interview end of August, where I am going to be sharing what I did to overcome not getting nearly anything done.

      This framework my “ARC” has increased my accomplishing the most important things done each day by 82%.

      Please sign up on the early bird page Click Here to receive a copy of the audio. I know you will find this information helpful.

      Take Care
      Roberta

  8. WOW just what I was searching for. Came here by searching for
    pc

    • Hi Kathleen,

      Not sure what pc is other than short for personal computer? But I hope you come back and say it isnt so, that you ended up on an article that is answering the question what to do when your business runs out of money instead of landing on what you were truly looking for.

      Darn technology – works better sometimes than others huh?

      Even if you did, I hope you enjoyed the content while your here!

      Roberta

  9. Excellent article. I will be experiencing some of these issues as well.
    .

    • Hi there, ?

      Sorry dont know your name. Feel free to introduce yourself next time you visit.

      Thank you for sharing your impressions of the article. If you are/will be experiencing any of the issues and need help, come back and visit often so we can get you the help you need, ok? Or sign up for the RSS feed so you dont miss anything.

      Thank you again, your impressions are valuable!

      Roberta

  10. Ray Noble says:

    Hi Roberta
    Great blog.
    It isn’t just new businesses that are running out of cash.
    Remember the proverb – He who fails to plan plans to fail!
    I would also like to add the use of SMARTER goals when planning is important with the ER being Evaluate and Revise. As you gain more knowledge/experience in a business the plan needs to be adjusted based on reality, unless you already have a sophisticated plan with flexibility built-in.
    Thanks Roberta.

  11. Hahahaha! THAT was the answer I was looking for. Roberta… this is all brilliant. Thank you for taking the time to write that. #Masterful

    • Mike,

      Thank you for the commenting. The more we share this topic, the greater audience we can impact. Helping them avoid some of the mistakes we’ve made taking our business journey.

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