I have a partner who is in denial about our cash situation, which right now is tight and likely to get worse before it gets better. Unfortunately my partner’s not willing to make adjustments, even though I’ve tried to explain that we don’t have the money to pay ourselves as much as we used to. What should I do?
THOUGHTS OF THE DAY: Your job as an owner is to protect the company’s well-being — for now and for the future. Figure out who can make the decisions, and under what conditions. Figure out your bottom line before you go into a negotiation. Know how tough you’re willing to be — and then double it.
We add one client and then we lose one. There’s no real growth in maintenance work. We have never done a campaign push to grow the maintenance side of our business. Should we focus there? And if so, how do we do it?
Thoughts of the Day: Consider the effort that goes into getting new customers. Make sure that the business lines you’re growing have long term value. Teach your employees about how valuable repeat customers are to the business, what that means to the company’s well-being long term, and what they can do to help.
I can see how hard it is to hire good people. Got any tips?
Thoughts of the Day: When searching, make sure every tool works well. Use interviews to find out if soft skills are present. Know your culture. Set aside plenty of time for getting to know the candidate. Avoid blamers. Look for drive and ambition.
Cash flow is short, cash is tight. Makes it hard to plan the next three to four months. We’ve been making money, so I don’t understand. And I’m worried about what comes next, in case we lose money in our slow period. On top of everything, we have three payrolls in one month coming up soon. Yuck! How do I get out of trouble?
Thoughts of the Day: Look at the whole picture to figure out how the business is doing. Use credit lines properly. Be disciplined about managing the situation. Sell your way out of the problem the right way.
My partner does not respond in a timely manner. Not only does it slow me down, it hurts the productivity of the rest of the organization. He’s a good guy and I know he cares and is committed. I do think that as owners sometimes we’re not accountable enough. Got any suggestions on what to do about this?
Thoughts of the day: Ask people to be accountable. Change their thinking. Be significant. Recognize and reward good behavior. Make sure you’re on the same page.