I thought this an interesting topic to cover.
The cost of information.
What is it you are wanting to know about your business, rather what would you like your business to tell you?
Some business owners operate off a “gut feeling”.
Hmmm, it might rain today, business will suffer.
Ladies and Gentlemen, that is not the type of information you should be using to make business decisions.
Ever heard of that old saying, “you’ve got to spend money to make money”?
Sure you have. In this context I am refering to you investing the money in your business you will need to garner valuable information that will support your business in the bad times, as well as the good times.
I recently spent time with a client who was a little reluctant to assign the task of gathering particular data (labor, material, time) to a full-time employee. The client was even reluctant to spend any time gathering data.
Ladies and Gentlemen, if you don’t take the time or spend the money to gather data that is of paramount importance to your survival, I say it is a matter of time before the financial posture of your business puts you into a difficult cash crunch.
I have seen it time and time again. Trust me…it will happen.
For those of you who are not aware of what is going in the macro/global economy, banks are afraid to lend each other money!
That means that if banks are afraid to lend to and from each other, they sure as heck are not willing to lend to us, the small business owner.
I find this ironic.
Small business is the back bone of the U.S. economy
Without the ability to borrow cash, most small businesses who rely on monthly loans to make payroll, will simply not have the money to make payroll.
Believe it or not.
As small business owners, we must get organized and spend the time and money to hear what our business is telling us.
In nine clients this year alone, I have been able to save them over $700,000 i operating costs and generate almost $200,000. in realized gains – not seen before.
How did we do that? Investigate, analyze, implement.
We have to be prepared for the tough times to come.