For newly minted entrepreneurs, the biggest priority is to generate revenue, any revenue in an effort to transition from struggling to profitable enterprise. To those of us who have made the crossing, we have more often than not sacrificed our own financial needs in order to create a proper fiscal foundation for our business. Because so few of us ever get investor capital, we are left to our own devices to fund our enterprises.
Money, it’s one of those personal topics that many people are uncomfortable discussing. Why that is, varies from person to person.
Even inside a business that uncomfortableness exist, but that needs to change. Generally speaking, the only time the subject of money seems to ever comes up is in the heat of the moment in comments such as “Do you know how much that costs?”.
Those of you that know me and have either purchased my book or attended an event that I have spoken at, know that the advice I share is based on getting the basics right. By getting the basics right, you can grow your business and your leadership skills that allow you to attain a high level of freedom by removing the shackles of ownership.
In the movie City Slickers, Jack Palance’s character Curly and Billy Crystal’s character Mitch are riding along having a bonding moment, when Curly turns to Mitch and asks,
Curly: Do you know what the secret to life is?
Mitch: No What?
Curly: This! (As he holds up one finger)
Mitch: Your finger?
Curly: One thing. Just one thing. You stick to that and everything else doesn’t mean (expletive).… Read More
The economy is humming along and your sales are doing just fine. As a matter of fact, things are actually pretty good. That’s why this is exactly the time you should heed that famous Boy Scout motto to “Always be Prepared”. Great advice, but be prepared for what?
Every seven years
On average, there is an economic downturn of some sorts every seven years.… Read More
Prior to starting my own business, I literally devoured everything I could about owning and running a company. One thing that I could never understand was how a perfectly good business ended up going bankrupt because of cash flow problems. It wasn’t until I started my own first enterprise that I quickly learned that regardless of how profitable you were, it didn’t matter until that money was in the bank- Cash flow ruled!… Read More
Trying to increase the profitability of our business is always at the forefront of our thoughts and that usually revolves around looking for the next big idea, product or service that we can offer our customers.
Many times this makes perfect sense, especially if we’re confident we have maximized the opportunities within our current clients, products and operations. Unfortunately, more often than not, we have done neither and are simply looking for something new to play with, something to get us excited simply because we may be a little bored with the status quo.… Read More