How retailer Bardot's past mistakes can help shape the future of business

Upon hearing of the popular women’s fashion brand Bardot heading into voluntary administration amid the announcement of Dimmeys and its closure, it became a timely reminder to stop and take stock of some of the learnings that these big businesses in our retail community have provided us as business owners in any industry, at any level.

Some of which are … be aware, have a plan, know your limits and that’s just to name a few.

Be aware of where you are at in your business versus where you think you may be at.  Understand the impact of getting this wrong.  Have resources in place to highlight where you are at every step of the way.  Something simple like mistaking a steady stream of cash into a business, such as a retail business, for having enough cash to survive. And then the devasting impact of making financial decisions to invest further without full knowledge of the shortfall.  Could result in sunk costs in rebranding, in refurbishing stores, buying and holding too much stock, even discounting too soon to “compete”.

Have a plan of where you are headed based on visibility over where you are at.  Build in points of measurement of success to ensure that you are on track, and if this falls short, make a plan to work through this.

And know your limits … be honest about them, and most importantly don’t ignore them!  It’s so easy to just keep going, almost like the adrenaline a gambler feels when they think the big jackpot is around the corner and they continue to go all in, and continue to do so without a plan, without an understanding of just how much in “the hole” they are. 

I respect that your business is your baby, it’s your love, passion … it’s hard to think of giving up.  But the truth is, if you don’t know your limits, have your plan or the awareness, you won’t have a choice.  Just like the Bardot’s and Dimmey’s of the world.

Take the learnings that are in front of you, take the time to understand your business because if you don’t have time to do it right, you may not have the time to do it again.