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.
Don’t think the better customers trust anyone but us. It’s our fault. We’ve created our own problem. Few of our employees deal with clients. We wanted to be sure customers could get the answers they needed right from the horse’s mouth – us. We also wanted to be sure that customers wouldn’t follow a departing employee. And, of course, no one can do pricing except us. But now we’re bogged down. We’re not growing the way we used to. And we can’t take time off the way we’d like.
Thoughts of the Day: Sales, like every other part of the business, benefits from a team approach. Practice by working together to accomplish group goals. Train employees to handle prospects and customers correctly.
We don’t know who we should be marketing to or how. We definitely don’t have a plan of attack. Looking for suggestions.
Thoughts of the day: Start by reading about what goes into making a good marketing plan. Define what makes your company stand out. Take a good hard look at who wants what you have to offer. Jump in by picking a few marketing efforts to focus on, but have a context into which those fit.
We need a differentiator; as an industry we’re being commoditized. We won’t be able to stay in business forever unless things change.
Thoughts of the day: Offering something unique boosts profitability and chances for survival in any small business. Avoid price wars. Turn away some buyers in order to create value. Don’t get complacent. Be nimble.