“I know what you’re thinking… here’s what will get you back on track.”
“It’s the economy! It’s the wife! It’s the insurance! The banks’ are coming after us. Customers don’t understand. I didn’t sign up for this! Supply and demand be damned, nobody wants this stuff. Don’t my clients know I need a life? My mother-in-law wants me to pay back the loan? My employees don’t give a damn! What about me? I’m outta’ here! What the hell should be expected of me? I need a vacation! Why can’t the manager run it? It’s not my fault! The IRS doesn’t understand! EDD has it wrong! Sales tax is not constitutional, why should I pay it? So, I lied about my receivables to the bank to qualify for my line of credit, everybody does it! Just give me more credit, and I’ll pull this thing out! Shouldn’t I be able to buy a car and charge it off to the company even when we’re broke?”
“Of course I didn’t tell my wife I refinanced our house to make payroll, she doesn’t know a thing! My partner doesn’t get it, why doesn’t he just die so I don’t have to buy him out! I’m going to sell this good-for-nothing company for millions of dollars; I just haven’t found a buyer. I’ll just run up the charge cards and do what I want for a change! By the way, Ms. Secretary looks pretty good, maybe we should have a drink? I am, after all I am super-sexy, misunderstood, special and leveraged-to-the-hilt, without two nickels to rub together. My wife doesn’t need to know, we’re all adults here! Maybe I should take a trip to Vegas? Whatever I’ve got in the bank, I could double, triple, make a fortune, I’m a wiz at numbers, finally a solution to all money problems! The stress is just…”
Entrepreneurial Attitudes: Win or Lose?
Do I really need to go on? These convoluted ideas come to you when you’re alone, afraid and angry or your confidence is in the wrong space. It’s much easier to entertain such nonsense, instead of what needs to be done. Trust me, if you are stuck in this space, changing your attitude will solve the biggest problem causing financial upset at your company and here’s a good place to start.
Start a journey towards peace of mind and recommit to yourself and your company.
“It’s my fault, and I accept my fiduciary duty to get things back on track. It’s time to negotiate with my creditors and get back in the game. From here on out, we will only spend what we make. I’m adjusting my salary to fit the needs of my company. My wife and I have discussed the difficulties facing our family and we’re ready to rock n’ roll. I will reduce my staff by half; and I’m willing to dig in and get the job done myself. If necessary, we will sell our home and reduce expenses everywhere possible. I’m meeting with the IRS in the morning, my CPA is on board and we have a plan. I have some apologies to make today, best get to it. Thank you Patrick Rettig, what’s next on the list, brother?”
In crisis situations, it is critical to face every issue “head on” and to take responsibility to breed confidence in yourself, your employees, your vendors and thereby your customers. Any other alternative to that will hurt you more.
– Patrick Rettig