Every month I meet up with a friend for breakfast with the purpose of supporting and helping each other in our respective businesses. So imagine our surprise when we meet up outside our local meeting spot, to find that it has closed.
I found myself staring at the sign for Cora’s in Cambridge which has been taken down and already looks faded, wondering how this has happened and when. Now I know from a friend who owns several restaurants that this is a treacherous business and
90 percent fail to succeed.
But it was a shock. It speaks to the fragility of business today. Nothing is carved in
stone. There are no guarantees that even a successful business will continue down a successful path. Much can change, and what’s more, change on a dime.
All of which speaks to the need to stay on the top of your finances and do the math. Often we choose to ignore the warning signs, but maybe we do so, it is at our own peril. Just as I wrote in a recent blog, it is good to know when to quit.
But no denying, that decision is a difficult one to make.
Maybe the key is to examine how much you retain your passion for what you do. If it is fading, it is harder to rally around and save what you are doing. And maybe it is a sign for change.