Cutting Off Problem Assets
Recently, I bought two Majesty Palms from IKEA. Since I did not have a base for the plant, I watered it very little — as to avoid water draining onto the hardwood floors. After about a week, a couple plant bases were given to me and I was able to adequately water the Majesty Palms. What looked like a little drying turned into something much more. The plants that once looked vibrant with life were now shriveling up and dying.
To avoid the death of my new Majesty Palms, I searched online how to save them. Thoroughly water once a week and cut-off anything that is dying. This helps the plant focus on providing nutrients to the healthy portions of the plant. So that morning I removed nearly half of each plant. The next day, I repeated. Now, only a quarter of the plant that I purchased was still standing. I’m happy to say, now two weeks later, the plant is flourishing.
As we consider new ways to maximize our dollars, take example from the Majesty Palm and severe dying assets. By doing so, you can focus your efforts on those portions of your company that have potential to grow new shoots.