Stephen runs a construction business specializing in large basements and car parks. The business has been established for 25 years and has grown steadily, with revenue now into eight figures. Unfortunately, profit margins are very slim and last year, Stephen’s business barely broke even and he was unable to draw his usual dividend at the year end.
You may have the greatest product ever but if you don’t tell the world, it will sit on the shelves collecting dust until you finally have to close your business. Remember, you know what is great about your business because you created it. The rest of the world is not thinking about you and what you have to offer. So you have to tell them and you have to tell them in a way that makes them want what you have to offer.
Mary runs a small digital marketing agency with a small team, serving business clients seeking to optimize their potential customers’ experience in interacting with their websites and social media platforms. As the business started to grow, Mary had neglected the financial aspect of her business and found that although sales were increasing, profitability was not.
Does your business need leadership or management? The answer is both. Have you ever heard the expression “too many generals and not enough soldiers”? Well it works both ways. Too many soldiers without a strong general will surely find themselves fighting the wrong battles.
David, the sole practitioner of a legal firm, found that his revenue had stagnated and he was consistently facing cash flow problems. David was jolted into action by a frank conversation with his accountant.
Many small business owners are entrepreneurs who went into business seeking freedom, a better lifestyle, more money or simply because they wanted to run their own show. Financial acumen is rarely high amongst the skills possessed by such people.
If you can free up an hour a day, you’ll create a month a year for yourself. If you’re a business owner, that could be a breakthrough thought. What would you do if you were able to free up a month a year?
“Your goal as an investor should be simply to purchase, at a rational price, a part interest in an easily understandable business, whose earnings are virtually certain to be materially higher, 5, 10, and 20 years from now.”
“We had a fundamental belief that doing it right the first time was much easier and cheaper than having to go back and fix it. And I cannot say strongly enough that the repercussions of that attitude are staggering. ”