I’m contemplating closing down a business and suffer the loss of 200k of my currency (about usd 50k). Redditors here talk about success stories, how about losses? What’s your biggest loss?
I’m contemplating closing down a business and suffer the loss of 200k of my currency (about usd 50k). Redditors here talk about success stories, how about losses? What’s your biggest loss?
Our biggest single loss was about 60K, for wages that I put on a credit card instead of laying people off. We had just spent the last 2 years building up our crew (specialty contractors) and going after bigger projects. We hit a slump in between jobs that just kept stretching on.
I just didn’t want to lay people off. But then of course, we HAD to. And once work started coming back it took us 3 years to pay off that debt. We refinanced it thankfully. But that taught me a very good lesson about going into debt to keep people employed. It also informed our choices going forward about building up a large crew. We have only gotten smaller and smaller (less employees) with more investment into tools and machines and technology. Our overhead shrank, the problems with finding good people shrank - and we’re able to be more nimble overall.