4th Qtr - 2020 Profitability Tips

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​​May I make a suggestion?
Stop focusing on growing your business...

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