Of course, I don’t mean stop improving your business… I mean, don’t fall into the trap that so many business owners have, especially this year… focusing and maybe even hyper-focusing on growing sales & revenue.
Obviously, managing sales is super important but, too much emphasis on “growing your business” can take your focus off what you should really be thinking about most… growing your profits… Especially these days. My purpose for sending you this letter is to get you to hopefully pause for just a moment and ask yourself… How much of my time do I really focus on our profitability and building cash? Do I know what my margins (gross and net) will be for this year, this quarter… this month? Pre-Covid, did we always have the cash reserves in the bank that we should? Why not? If you’re not constantly thinking about these types of questions, I’d like to ask you one… What are you concentrating the majority of your energy on? Operations?... Sales?... Why something didn’t get done properly last week? You pay people good money to manage that stuff, (that’s their job), so you can have time to focus on the one and only thing that can protect your business in this crazy world we now live in; Generating Profits & Building Cash… As the leader of your company… That’s your job. If I’m being a little tough on you, sorry… but my job isn’t making people feel good… It’s making people money. As we enter the last months of 2020, here’s wishing you all the best as you navigate your business through the rest of the year and make plans for a profitable year to come. Ted
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 Were you thinking there might be more stimulus help coming from Washington this year?
Wall Street was… which is why the DOW tumbled 700 points almost immediately on Monday morning following the death of Ruth Bader Ginsburg. The passing of Supreme Court Justice Ginsburg, and the [confirmation] circus that's coming to town because of it will suck up all the oxygen in congress between now and the election... maybe even until the inauguration on January 20th, 2021... Nothing else will get done in Washington. Bet on it. That means us little guys are on our own... again. Hopefully you're holding your own through all the challenges this year brought but with the uncertainty about what flu season, media coverage of the virus and the election results may do to consumer confidence and the economy, one thing is for certain... having as much CASH RESERVES AS POSSIBLE in the bank should be your highest priority. So, my recommendation is, keep your eye on the ball... and that ball should be your Profits & Cash! To help you with that, I've compiled an 18 page Business Profitability Guide that distills the best ideas and tactics for increasing profits and building cash that I've come across during my 40 years in the trenches... You can download it by Clicking Here... No charge of course. I want you to have it as my gift. (it's not doing anyone any good sitting on the hard-drive of my computer) So, enjoy... and best wishes as you continue to lead your company through 2020 and into the better days that lie ahead! |
Ted Frangos is a retired managerial accountant and business analyst who lives in Tampa. After a long career helping small and medium size business owners reach their profitability goals, he decided to hang it up in February 2020 when it became obvious that flying around the country every week wasn’t such a good idea in a global pandemic. He now uses his time to help local business owners navigate their way through the rest of this year as painlessly and profitably as possible. ArchivesCategories |
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