Owner Strategies

Turning around sales, profits, and the business overall

We ran lean so we could take cash out for personal needs. Recently, we’ve seen a significant drop in net income. Think we need to spend money to get things moving forward profitably, but we’re going to be short on cash. What should we do?

Thoughts of the Day: Building a successful business takes planning for good times and for bad. Focus on sales and marketing first. Look for quick turnaround opportunities to boost cash from existing work and customers. Going forward, remember that if you take care of the basics of the business, it will take care of you.

Managing Risk – Consider all the options

We have a huge opportunity, and we’re going to be taking a huge risk to go after it. This is the kind of risk and debt could destroy everything I’ve worked for because it involves a ton of debt and if we get into a log jam we may not be able to pay for other things I need. We’re using all of our savings and then more, this is the big play. Got any suggestions?

Thoughts of the Day: Managing risk is a step by step process. You’ll have to choose from some imperfect options. As you think about what to do, keep things in perspective. Look for ways to minimize the consequences.

Employee Empowerment

Letting Others Step Up

It’s hard to teach others how to do an exact act that you want preformed. I struggle with handing things over to others because I know how its done, how I want it done, and it often seems that…

It’s All On My Shoulders

I try to take on everything, fix everything, and I can’t keep doing that. I don’t see my family enough. I’ve become the roadblock to so many things at work. But if I don’t check in or step in…

Get off the roller coaster of entrepreneurship

“After a few years of owning my own business, I feel like I’m living on the edge. I see opportunities and jump on them. I ride a roller coaster of ups and downs. I put some wins on the board and try to leave behind the things I wish I could do over. At the end of the day, it all seems like such a gamble. Is this what business ownership is all about?”

Thoughts of the Day: For many owners, running a business becomes a thrill ride of excitement, adrenaline rush, let down, and re-charge. Look at behaviors linked to entrepreneurship. There are obvious warning signs and success markers. Survive the roller coaster ride of small business ownership and make more money while doing so.

Growth by acquisition

  "We’re trying to do an acquisition, but as we get into the opportunity there’s one surprise after another. Seems like it’s always something else, and not necessarily good. Should we keep on pursuing this deal? Is there any…