🆃🅷🅴 🆂🅷🆄🆃🅳O🆆🅽 #3

- Beauty and skincare company https://abs.twimg.com/emoji/v2/... draggable="false" alt="💄" title="Lippenstift" aria-label="Emoji: Lippenstift">
- In business 2 years
- $6,600,000 customer base https://abs.twimg.com/emoji/v2/... draggable="false" alt="💸" title="Geld mit Flügeln" aria-label="Emoji: Geld mit Flügeln">
- 15,000+ customer mailing LIST https://abs.twimg.com/emoji/v2/... draggable="false" alt="📙" title="Oranges Buch" aria-label="Emoji: Oranges Buch">

And it STILL failed... how?https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht">

Let& #39;s take a look https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">

Key Takeaways : (summary)

1. CAPITALISE: use everything you have https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend">
2. ANTIFRAGILE: generate income no matter what https://abs.twimg.com/emoji/v2/... draggable="false" alt="🪖" title="Military helmet" aria-label="Emoji: Military helmet">
3. If it ain& #39;t broken, don& #39;t fix it https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚑" title="Rettungswagen" aria-label="Emoji: Rettungswagen">
4. The tree is more important than the branch https://abs.twimg.com/emoji/v2/... draggable="false" alt="🌳" title="Laubbaum" aria-label="Emoji: Laubbaum">
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔽" title="Nach unten zeigendes Dreieck" aria-label="Emoji: Nach unten zeigendes Dreieck">

So what went wrong? (summary)

1. Money out > money in
2. Sticking with a failing game plan
3. Trading loss with increasing tax debt?!
4. Rebranding

15,000 customer list and still not enough sales?
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔽" title="Nach unten zeigendes Dreieck" aria-label="Emoji: Nach unten zeigendes Dreieck">

1. Money out > money in

It was more like a couple hundred customers... they didn& #39;t actually use the customer LIST.

Costs were HIGH. The director individually paid the $15k monthly rent for 2 years before deciding it was enough.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔽" title="Nach unten zeigendes Dreieck" aria-label="Emoji: Nach unten zeigendes Dreieck">

SOLUTION: Be antifragile. https://abs.twimg.com/emoji/v2/... draggable="false" alt="🪖" title="Military helmet" aria-label="Emoji: Military helmet">

If the sink in the store explodes and maintenance keeps you closed for a day, how will income be generated?

USE the mailing list and bring customers who already purchased back to spend. Easy.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔽" title="Nach unten zeigendes Dreieck" aria-label="Emoji: Nach unten zeigendes Dreieck">

2. Sticking with a failing game plan.

Cutting costs just led to worse service, which led to lower and lower sales.

This took two years to actually notice the delusion https://abs.twimg.com/emoji/v2/... draggable="false" alt="😱" title="Vor Angst schreiendes Gesicht" aria-label="Emoji: Vor Angst schreiendes Gesicht">
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔽" title="Nach unten zeigendes Dreieck" aria-label="Emoji: Nach unten zeigendes Dreieck">

SOLUTION: If nothing improves, switch things up.

Saying it will improve in the future is saying you plan to fail.

Just cutting costs isn& #39;t going to magically bring more customers through the door.

Only exposure can do that. Market! Use your customer base.
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3. Trading loss with increasing tax debt?!

Employees are expensive. Not only do you pay them directly, but also their tax.

The business used this tax on the business and the tax man got furious.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔽" title="Nach unten zeigendes Dreieck" aria-label="Emoji: Nach unten zeigendes Dreieck">

SOLUTION: Avoid employees as much as possible.

Outsource payroll & training if possible or, do it yourself if it& #39;s cheapest.

If you NEED them, make sure they focus only on money-in tasks.

Employees need to be tracked, make their value known.
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4. Rebranding

The director bought the company and brand for $600k.

But completely rebranded.

Customer trust needed to be re-built, ultimately cost the company https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Geldsack" aria-label="Emoji: Geldsack">
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔽" title="Nach unten zeigendes Dreieck" aria-label="Emoji: Nach unten zeigendes Dreieck">

SOLUTION: use everything you have to your advantage.

It may not be part of your vision, but it will definitely be useful in getting there.

Is rebranding worth the loss off customers? Most of the time never.

FIN

Thanks for reading!

Please RT so others can apply these life lessons
&
Comment with your thoughts and questions https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙏" title="Folded hands" aria-label="Emoji: Folded hands">