Here’s how to save any business from failing - Meghan McCormick
April 16, 2026
Stop guessing and start fixing your business
I just finished watching the latest Konnected Minds episode with Derrick Abaitey, and honestly? My brain is buzzing. He sat down with Meghan McCormick, and if you don’t know her, she’s the powerhouse behind platforms helping thousands of African entrepreneurs actually make money, not just survive.
We’ve all seen it happen. Someone opens a shop or starts a service with high hopes, and six months later, the shutters are down. It’s painful. But Meghan didn't just give us the usual "work harder" speech. She went deep into the mechanics of why businesses actually fail and, more importantly, how to pull them back from the brink.
Cash flow is oxygen
The biggest takeaway for me? Most of us are playing business, but we aren't tracking the numbers that matter. Meghan kept coming back to one thing: visibility. If you don't know exactly where every Cedi is going, you aren't running a business; you're managing a hobby that costs you money.
She mentioned that saving a failing business usually starts with a brutal audit. Are you selling a product that people actually want, or are you just in love with your own idea? Sometimes the hardest part of being a founder is admitting the market has changed and you haven't. Are you brave enough to pivot?
The "Small Business" Trap
Derrick and Meghan touched on something that hit home—why so many Ghanaian businesses stay small forever. It’s often about systems. You can’t be the CEO, the delivery guy, the accountant, and the social media manager all at once. Eventually, you’ll burn out or drop the ball.
To save a business, you have to extract yourself from the daily chaos. You need to build a structure that works even when you aren't the one pushing the buttons. It’s about moving from a survival mindset to a legacy mindset.
Three things you can do right now
If you feel like your venture is stalling, Meghan’s insights suggest these three steps:
1. Face the data: Look at your bank statements. Where is the leak? Is it high overhead or low sales? Be honest.
2. Talk to your customers: Most founders stop listening once they launch. Go back and ask them what they actually need now.
3. Simplify: Stop trying to offer ten different things. Do the one thing that actually makes profit, and do it better than anyone else.
Seriously, if you’re an entrepreneur in Accra or anywhere across the continent, you need to watch this. It’s not just a podcast; it’s a masterclass in staying alive in wonky markets.
What’s the biggest challenge you’re facing in your business right now? Let's talk about it in the comments. We’re all learning together.