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What are you unwilling to do?

ByBrad Farris

As I was running errands this weekend, I kept passing these signs;

Lawn signs saying "Final Days, Store Closing Sale"
These aren’t the actual signs. I didn’t take a picture while running errands, and this is the closest thing the internet gave me!

Going out of business sale!
EVERYTHING MUST GO.
25% – 45% Discounts through August 8.

At first, I felt bad for the owner of that business. 2024 has been a challenging year for many companies. I’m sure that someone had put their all into making this business succeed—and now their hopes have been dashed, and they likely suffered a significant financial loss.

I started to get angry on behalf of the former store owner.

But, these liquidation companies have a job to do. They are hired to get as much money back for the bank as possible. They run a playbook that includes cutting prices, utilizing low–cost advertising to create awareness (like yard signs at every intersection), and creating some scarcity. (Discounts through 8/8.)

And it works! They generate cash (for the bank) in a hurry.

Why didn’t the owner do that?

As I drove a little further, I saw another identical sign, then another one. I started thinking more deeply about the owner’s situation.

Why didn’t the owner buy yard signs and advertise a sale before the bank stepped in? (I didn’t even know this store existed before I saw these signs!)

I’m sure the owners and company leaders had many conversations about avoiding this day. Still, they rejected the idea of discounting their prices and increasing advertising to attract more customers.

What ideas are you rejecting?

Are there some ideas you and your team have been discussing that you rejected? Maybe they felt too risky, or you felt too exposed. Perhaps they weren’t ideas that felt “on brand” for your business.

If someone from the outside came in and had to increase sales at your business, would they reject those ideas?

Are there some you need to reconsider?

What’s the equivalent of putting out cheap lawn signs at every intersection for your business?

P.S. This analogy is flawed in many ways. I have no idea why the business was going out of business. (It could be theft; the owner could have gotten sick; who knows?) Some ideas that would generate short-term sales would seriously damage the business in the long run (e.g., cutting the prices substantially). The idea is still valid. What are you rejecting that someone else might consider?

How can you create a more consistent sales process?

Our 7-question assessment will tell you.

Step 1 of 7

I know exactly who I'm selling to. Looking at someone's LI profile or website, I can tell if they are a prospect or not.(Required)

As Principal Advisor, Brad Farris guides business owners through the pitfalls and joys of growing their business. Brad is passionate about helping business owners find better ways to do things, make more money and enjoy life more. Brad is a speaker and author. Connect with Brad on Twitter and LinkedIn.