“Failure is the path of least persistence.” Dear Dr Adams, I own a small fabricating company where we make parts for manufacturers of specialized electronic products. I am writing you as I am having a tough time competing--not with China—but with small shops also desperate for work. Do I hang in and try to run my company on little or no profit and fight to pay my bills and wages each month or call it quits? At one time I was happy and excited about my business, today, I am fearful of the future. Struggling each week is not my idea of the American dream. Any ideas for a 20-year-old company with a tired owner. Frank Dear Frank, Calling it quits is a difficult choice for any small business owner. It is a final choice. Once you let your employees go, tell your creditors, your customers, and your landlord, your world changes. Creditors get scared they won’t get paid, employees are angry, hurt, and frightened, customers, well some just move on, others feel bad for you, and your landlord, may press you to honor your lease. You will find friends and neighbors saying “sorry,” others shunning you as a failure. Your family will be fearful of the future. If you quit, you are in for tough times. On the other hand, daily fighting for survival is not a pleasant way to spend your life. Your employees know what you are going through, and if you ask, they will tell you they too are scared. Financial uncertainty is scary for everyone. In my opinion, hanging in is the lesser of two tough situations. The question is, are you wasting your precious working years hanging onto a bad situation that stands no chance of ever getting better? You are not alone, others have taken worse situations, changed course and moved on. Those who stubbornly stay in their niche, sapping up pity, and refusing to change are doomed. Frank, if you are going to make it, you need an infusion of hope and that can only come by positive action. I suggest you start looking for new customers and different metal fabricating jobs you can handle, Remember how aggressive you were when you started your business. Well if you want that excitement, again, stop fretting and wasting your time with energy draining worry and start a sales campaign. Are you aware worry saps the essence of life? It saps your energy, your optimism, your happiness and will eventually immobilize you. The first day you show up at your business sitting down at your desk and stare into space wishing you were somewhere else, worry has won and it may be too late. Frank, stay home for a day or two and work on a sales plan aimed at finding new customers. There are many sources of sales leads. As a possibility, go online and search for companies you think you can service. Get lists of potential customers from your trade association. Check with your local chamber of commerce. You will discover that your first attempts to move your business into a new direction and build a new customer base are not easy. However, when you hit the first solid sales lead with positive feedback and potential, you will feel a new lease on life. If finding new customers in a tight market loaded with competitors were easy, you would not be writing me. Because it is tough, you can count on your competitors with less spunk than the “new” you will slowly fold. That is to your advantage. Finding new customers that your equipment can service is the only practical answer open to you at the present, although you can keep the status quo and hope conditions will improve. Maybe a miracle will occur, the proverbial white knight will show up, or perhaps if you send money to one the religious charlatans promising riches, or you can do what you did years ago, you mustered courage, you thought about your future, you went after your dreams, and you were stubborn until the dream became a reality. Well it is time to reenergize your youthful ambitions. Before you think you are tired and too old, you may be, but unless you want to go to your office, drink coffee and stare out the window feeling sorry for yourself, pick up the phone and start chasing new customers for a new burst of entrepreneurial spirit. Dr. Paul E Adams, Professor Emeritus Business Administration Ramapo College of New Jersey Author “ Fail Proof Your Business: Beat the Odds and be Successful.” Available at Amazon.Com If you have questions about your business- contact me: drfailproof@earthlink.net.