I read the sad news that Rooks Butchers had gone into administration making 155 people redundant. Click here to read more.
The business was founded in 1965 and was well established in Kent, with a great reputation for quality. Whilst I can’t comment on the inner workings of this business, no doubt the Covid-19 pandemic had a huge part to play.
In my blog in September 2021 ‘When the going gets tough’, I prophesised that “The next few months are going to be tough; inflation is on the rise and interest rates will inevitably follow. The only businesses that survive this type of rough economic conditions are the lean efficient ones.”
With the current conflict and its knock-on effect to global price instability and business confidence, things are not going to get better any time soon.
Failure doesn’t need to be the end
However, failure of a business, while sad and terrible for everyone involved, is not the end. The UK remains one of the easiest places to start and run a business. I have seen many businesses fail and without exception the old owners get up, dust themselves off and have another go.
The stress associated with a business failure is unimaginable, but time is a great healer and out of that failed business will spring 10 more businesses as former employees or the old owners, look to start a new business in its wake.
So, if you are going through a business failure, or have been made redundant, then I encourage you to start again because it is possible to successfully move on from business failure.
The definition of insanity
Having said that, the definition of insanity is doing the same thing over again and expecting different results. You don’t want to get caught in this trap, so if your business failed then it’s time to take a long hard look at why it failed and learn from mistakes. The pandemic is a great excuse but underneath that there is probably a more fundamental reason.
In my blog ‘The Fine Line between (Business) Success and Failure’, I explore what makes the difference between success and failure and how business owners need to build their own knowledge in order to make the business succeed.