During these tough economic times, we need to take time to examine our business and how we operate.
We cannot believe that things will be OK or that we can continue to “muddle through” as we have over the years.
I have spent years traveling the U.S. consulting small and mid-sized businesses and I have concluded the following three most important assests in your business:
Your employees are a treasure of knowledge and understanding in how your company actually operates. They know more than you think and you might want to listen to what they have to say when it comes to operations, cost cutting and efficiency gains.
In tough times such as these, the last thing employees want to do is look for another job. They are more than willing to figure out how to make your business operate smoothly. Listen to them. Truth be told, that’s what a smart consultant would do.
They bring your business revenue and your business exists because of them. Talk to them, listen to them and modify how you operate your business during these tough times. You need each other now.
If your suppliers go out of business, you might be next. You have to talk to your suppliers and listen to them just as you o your customers. Create contracts that solidify agreements that will support your business as well as theirs during these tough times.
Most CPAs and accountants would tell you that your equipment is the most important asset and that employees cannot be considered assets. That is true. But know that CPAs and accountants only think about taxes and not operations.
Seriously, does your CPA or accountant know your operations better than your employees, customers and your suppliers?