IT‘S TOMORROW ALREADY
The Small Business Owner was having a conversation with his banker trying to increase his credit line. The banker was saying, “You don’t have the receivables to warrant extending your credit line any further, in fact, we should be cutting you off altogether.” The owner was now raising his voice saying the economy is bad, new customers are hard to get, and we are fighting against stiff competition to keep the ones we have. We need the dollars to keep people working and do some more advertising. If we get the availability of more funding, tomorrow will be much better.”
We need, as business people, to understand that IT IS TOMMOROW ALREADY and we should have prepared sooner.
Small Business owners fight against long odds, we wage a business war on two fronts, one, obtaining capital to keep our businesses running and, two, finding enough profitable business to manage our debt properly and grow our business and provide a comfortable lifestyle for our families and our employees.
That is today’s agenda. Tomorrow is even more daunting as vendors are increasing prices, health care costs grow, payroll costs and taxes increase at an accelerated rate. So, yes, IT IS TOMORROW ALREADY where every day we enter the doors of our business and our churches (yes, churches need funds too for all types of expenses) and spend much of what should be our productive time worrying about where the next dollar is coming from.
So what do we do about it? Starting today take a hard look at your business plan, your sales plan, your available capital, and your sources for funding. If you do not have one, immediately create an advisory board, composed not of family and friends who tell you everything will be okay and say the things you want to hear, but rather a board that will tell you the truth (as painful as it may be at times) and place you on a path to success. Have realistic business conversations with your team members, and customers to understand what they are thinking about your business and its competitors. Ask your customers how they define value and if they feel they are receiving it from you and if not what is missing. Join business organizations composed of successful people and pick their brains so that you can evolve with the ever changing buying culture of today and tomorrow.
It IS TOMORROW ALREADY and it is time to bury the past and move forward in a positive manner.