There are some things we see over and over that are really not in your best interest. Here’s why:
#2. Credibility and lack thereof
As a mother, I constantly preach to my children to always “do what you say you are going to do.” Since they are young adults now, I think they “get it” as to the importance of this character trait, even though they don’t always follow mom’s advice.
I cannot emphasize enough that your credibility as management of a small business is crucially vital and one of the most important things that will affect the success or failure of your and our mutual efforts. Speaking plainly and truthfully, and doing exactly what you say you’re going to do, is valued in today’s world in general, and equally so in our business. If you have already lost credibility with your lenders, we work to correct that immediately, but if it is irreversible, sometimes a change in the “messenger” will be necessary. If you say you are going to send information, you must send it, and right away, not 3 weeks later. If you say you are going to list property for sale, you must list it. If you say you can perform a certain restructure proposal, you must be prepared to perform it. It is very simple in theory, but seems difficult in practice.