How do you act when the ship is going down is not only a good question to ask yourself but also ask of others that you might be invested in. The level of integrity, honor, respect and communication can quickly shift when things start to go wrong, go bad or head for a close or an ending.
In many cases there are situations where nothing can be done to right a wrong or save a sinking ship. However, it is the true few that handle themselves, their investors and lenders with a professionalism and a respect that can make the losses that much better. This is also how thinking like an investor or lender when you are creating a plan and taking money can help you too.
So how do you act when the ship is going down?
In a day where a great deal of the motivational coaches and so called business experts brag with confidence about how they had to fail and had businesses that failed a number of times, they rarely talk about those that were involved with those early ventures.
The sad part of the story, is that a number of these people skipped town on lenders, forgot about investors and stopped returning calls all together. These soon to be successful entrepreneurs bragging about their failures, cut these people that helped them “learn from their mistakes” and left them high and dry.
As a brand messaging strategist, and sometimes when building the plan, we look to organize the failure analysis and the plan for what happens when everything you want to happen goes off course.
Best way and most honorable way to act?
Honor those that gave their time, their talent and their money to your venture. Communicate and work on the most moral resolve. Your actions in working out payment plans or explaining how you might be able to help them down the line is much more considerate than running for the hills.
Especially today with the internet, it is key to keep those that have lost in the loop. To work to find resolution to make the best out of the situation and not to forget those failures and those losses.
Moving on may have to happen, but maintaining the responsibility and the ethical considerations of what went right and what went wrong can help a great deal. And watch out for the sink or swim attitudes.
Stay responsible. Stay honorable and whether the ship is going down, is delayed or is having problems, stand and communicate with all involved to right the wrongs and create the best outcomes possible regardless of the situation.