Success is great. It’s rewarding. It’s the culmination of hard work. Except when it isn’t what you are experiencing, when you are caught in the whirlwind of a downturn, a market change, or the results of poor decision-making. I will never forget the Great Recession of 2007-2009. We thought we were positioned well for a…
Apply enough pressure to carbon and what do you get….diamonds. Apply significant pressure to people and what do you get? It depends. Stress strengthens metal. It can strengthen or weaken relationships. I’ve found that you find out what someone is really made of in these situations and have experienced both the good and the bad in…
You should have one. Here’s why: But don’t become too dependent on it. Keep in mind that all debt is not created equal. This is a list of the most stable debt tools you can be using from most to least secure, as confirmed by banking experts: In other words, in general, Lines of Credit are terminated…
Count me in for considering all options before moving forward. However, there comes a time when you just need to move forward and seize opportunities that are presented to you and your team. We need to watch out for the paralysis of analysis. Race car driver Mario Andretti said, “If everything seems under control, you’re not…
I just had lunch with a banker I used to work with. He always impressed me with his preparation for our meetings……industry data, future-looking financial forecasts for our business, great questions to get me thinking about our company’s future. He wasn’t just my banker. He was a valued advisor to the president and part-owner of…
Spring is a wonderful time of year. It’s a time of rebirth and renewal. It’s the perfect time for you to work on your strategic/long-term plan as an organization. It’s been roughly six months since you completed your annual fall-planning exercise if you are on a calendar year fiscal year, and you won’t be doing…
I asked a client this question recently. They had a couple of businesses and had thoughts for more but weren’t making much money. They responded with a puzzled look. When I explained that, as with an automobile’s engine, a business’ financial engine drives the business forward, they got it. It pays the bills. It generates…
A client of mine was considering a new product line but faced 2 roadblocks to moving quickly on the idea, a $15,000 investment on equipment that was unproven, and a lead time of several weeks. They had customers clambering for this new product. What should they do? We came up with a $500 alternative delivering…
A better way of saying this might be, “Once you’ve gotten your business to a breakeven point, you are now positioned to start making money as you continue increasing sales and decreasing expenses”. I have worked with many new product lines and business units. Invariably, timelines take longer than anticipated and costs come in higher…
Getting the right people on your bus and in the correct seat is vital. Every bit as important is getting the wrong people off the bus. I don’t know about you, but I have at times tolerated poor performance for too long. It is much better to address poor performers quickly….and fairly. Why is this? An…