Close

How Can You Prevent Going Out of Business?

Robert J. Renteria |

Businesses are closing everywhere you turn these days. The question is: What can we do to prevent this from happening to us? I wish that there was just one answer, but it takes a lot to answer this question.Let’s face it — times are tough, but you can't give up. You either live for something or die for nothing. It doesn’t matter how hard we get knocked down. What matters is how many times we can get up and fight the fight. Remember: As long as we have a heart, we always have a chance, so let’s start there.Too many people lack the heart to hang in there after others let go. You must evaluate your current business model, and then reevaluate it so that you’re not getting swept under the bus. You have to fight the fight.FIRST THINGS FIRSTTalk with your landlord about adjusting your current rent structure. If they won’t adjust it, then make them aware of the alternative, which is no tenant and no rent. Everybody has to eat, so get on the phone and set up a meeting as soon as possible.Look at your utility bills and find a broker who can tell you how and where to go to slice and dice the utility companies that are dragging you into the abyss.Take a look at maximizing every corner of your laundry with a jukebox, an ATM machine, a vending machine, over-the-counter goods, and more, because the more places you have for people to spend their quarters, the more money you’re going to make. You can even increase pounds per square foot by adding bigger machines.If you have enough space, look at subletting. Restructure your current bank loans, because just like your landlord, if there’s no business, the bank gets no money. It’s time for everyone to play nice, because if they don’t and you lose, they lose too for being pennywise and dollar-foolish. Let’s create a winning scenario so that everybody can stay afloat through these economic times.DEDICATING MORE TIME TO THE BUSINESSThis is no time for vacations or slacking off. Your business needs your attention now more than ever. Times are tough, and you’d better be aware that if it’s hard for you, it’s deadly for your attendants. They need money, too, so don’t think for a minute that they aren’t looking for ways to take a few extra slices of the pie for themselves. You must be on your game and be stronger than ever before.If you have machines that are out of order, you’re losing the money that you need. Get your machines up and running now, and avoid the self-inflicted pain.If you’re not involved in your local chamber of commerce, get involved as soon as you are done reading this article. Shame on you for not listening the countless times I have told you to get out there and rub elbows, press palms and network with others to build your business.Look in the mirror and ask yourself, “Am I doing everything I need to do to make this work?” The answer is “no,” so start dedicating the time to do everything you can to get in the game.IT'S YOUR CALLVisit every laundry in your area and see what you’re up against. Why are customers going there? What can you do to take a piece of that pie?You have to decide, and in the end, it’s up to you and you alone to get out there, roll up your sleeves, and get down in the trenches. This means getting dirty and fighting the fight — doing what’s necessary to make sure you’re not on that list of people who are going out of business.There is nothing stronger than the will and desire to win, so get in the game and own that feeling of being the champion that lies within you! Be a winner! 

About the author

Robert J. Renteria

Consultant

Robert J. Renteria is a national consultant based in Chicago. He has more than 23 years of industry experience, having helped develop more than 750 coin laundries nationally and abroad. The author of three books, he was named the 2010 Chicago Latino Professional of the Year and is the sole recipient of the 2011 International Outstanding Humanitarian Award. In 2013, he received two Dr. Martin Luther King Jr. Awards for his work in civil rights advocacy and educational reform. He can be reached at 312-933-5619 or robert@fromthebarrio.com.

Advertisement

Digital Edition

Latest Classifieds

Industry Chatter