It's been over 20 years since the publication of Harvey Mackay’s bestselling self-help book Dig Your Well Before You’re Thirsty.
If you’ve never heard of it, it went on to become a bestseller and is still in print today.
It was the first book of its type that I bought, and over the years since then I have read so many more; plenty of them more relevant to my needs and, frankly, just better.
Having said that, there is a central tenet to the book that I would’ve done well in my - now long - career to have paid greater heed to.
Namely, the critical importance of planning well-ahead to allow for downtime and not deluding myself into believing that my business would be in some way immune to it.
Although Mackay’s book focuses on the fundamental importance to any business of relentless networking, his philosophy and many of his tips have much wider application; particularly as they relate to attitude and action.
The virulent spread of the coronavirus, the current great uncertainty of its long-term impact on public health and consequently on the global economy, has thrown the markets into a tail-spin.
Regardless of just how serious a global health issue Covid-19 might become, there is a persuasive school of thought that says the markets were looking for pretty much any excuse for a major correction - which probably should’ve come long before now.
The virus is just the convenient fall-guy for our politicians, our Central Banks and the market professionals to blame.
Whatever the case, however, we are going to be in for major turbulence in the financial markets for at least the remainder of the year.
Not all doom and gloom
This time around - unlike in 2008 - the situation will be compounded by significant travel and ‘social connection’ disruption, as well as the inevitable interruption in the supply-chain as a result of the manufacturing downturn in China.
Venture capitalists are already preparing themselves. Only last week, Sequoia Capital, probably the most prestigious VC firm in Silicon Valley, sent a memo to its portfolio companies in which it described Covid-19 as the ‘black swan’ of 2020 and suggested that they ‘question every assumption about your business.’
Thankfully, it doesn’t all have to be doom and gloom.
Although these issues will inevitably put extra strain on most businesses in one way or another, and though it may sound mercenary to air such a view, the upheaval and uncertainty will also present great opportunity to those who are well-prepared and nimble.
And this is precisely where WGP Global can help.
- you are lying awake at night worried sick about the state of your business and its ability to survive;
- you have confidence in the future of your business but feel that now would indeed be a wise time to start digging that well by seeking additional investment whether by way of equity, debt or by selling part of the business;
- you believe that the time might be right to be looking for a suitable strategic partner to assist you in opening up new markets and accelerating the development of your business internationally;
- you feel that access to domestic or international capital markets is an option you would like to explore in order to provide your business the kind of financial firepower it could now deploy;
- you don’t really know what to do next and therefore what you need is help with a thorough strategic review and potential restructuring of the business
then please start by reaching out to WGP.
Our team is comprised of seasoned professionals who come from a wide range of professional and business backgrounds.
I, for one, have first-hand experience of serious highs and lows during my many years as a practising lawyer, and I know what it’s like to be at the helm of a business that has failed. I therefore understand only too well the personal emotional stress and financial damage this can cause.
A surprising number of the world’s leading business figures have suffered a similar fate at least once during their careers, and have shown that there’s no shame in it provided one learns from the experience.
We all know how hard it is to grow a business and to sustain momentum in any market - especially one which is as uncertain as that which we all face at present.
However, one thing that’s crystal clear is that you are unlikely to weather these conditions by sitting on your hands and hoping for the best.
At WGP Global we are not venture-capitalists nor are we insolvency practitioners.
Independent, international, unique
We derive no benefit from your business entering into any kind of insolvency process. To the contrary, we have in-depth experience of battling with insolvency practitioners on behalf of directors and shareholders in order to confront overreach and abuse of powers by insolvency office holders.
Nor is our advice influenced by any need to deploy capital under management.
We are an entirely independent, international corporate advisory boutique, which houses a unique blend of skills and experience under a single roof in order to assist you in identifying and acknowledging challenges which your business needs to face up to, and helping you to address them.
Critically, as part of this service offering, WGP Global is also able to connect you with its extensive global network of investors and strategic partners.
So why not contact us for a confidential, no-obligation chat and together we can start Digging That Well!