With current business conditions being tight, the global outlook being grim and the R Word being thrown around, Business Owners are faced with a massive decision, do I cut back and batten down the hatches and get ready to ride out the current financial storm or do I step up and be better tomorrow than I was today in key areas of my business.
I am amazed how many people take the ‘accountants view’ when times get tough and look to trim the fat from their expenses instead of reviewing the key departments that can turn their business around. I recently reviewed a business that had spent the past 3 months finding ways to trim 5% from their fixed expenses. Don’t get me wrong saving 5% of 200K is a good thing but when I can teach them how to increase their margin by 5% on a turnover of 950K then the math looks after itself. This was achieved in just under 2 hours leaving plenty of time to trim the fat from their expenses.
Don’t wish things could be easier, instead get a mentor who can push you to be better. It is very difficult to see the Forrest for the trees especially when you are under financial pressure. Most people have never navigated their way through economic conditions like we are currently experiencing so doesn’t it make a little bit of sense that you may need help to find the way out.