Is Low Cash Keeping You Back?

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file0001755351339Consider Linda’s cleaning business that has operated since 2010.  Her business is bringing in enough cash to keep going but never enough to take off and provide the income that she and her employees really need.  You can call this a Business Running In Place or a BRIP.  Linda wants to stay afloat so she gets revenue wherever she can get it.   She takes on any job she thinks they can do that may or may not fit her original idea for the business.  Sometimes she underprices a job just to get a deal quickly.  Sometimes they also hurry the job just to get cash quickly. Consequently, they often find themselves not doing the job well. If they have to go back over the job, the project goes over budget and over the scheduled time frame which makes the cash crunch worse.  She chases revenue, any revenue.  Linda takes on non-strategic work and the cycle of just getting by continues.  She operates as a BRIP for several years.  How many businesses do you know that can be characterized as BRIPs? The owner of a BRIP thinks that the problem is cash, but the actual problem is time.  He or she thinks they can’t afford to take the time to think, create and stick to a strategy.  These owners and employees are working as hard as they can but not very productive because of  a lack of real  measurable progress toward a particular goal.

Businesses will not grow without strategic planning and management.

 

“Victorious warriors win first and then go to battle, while defeated warriors go to war first and then seek to win” Sun Tzu

 

Five guides for strategic management:

1. Know what you offer, who you offer it to, and why it is important to them.

2. Never stray from your strategic plan unless you make a deeply considered decision to do so.

3. Refuse to take on work that is slightly or not quite related to your strategic work.

4. Never deliver work that is just okay.

5. Never over promise and not deliver.

 

Let’s think of a strategic plan as your business GPS.  It shows your turn by turn navigation because your goal is always in sight.  It  is your roadmap that gives a clear picture of the mileage(time) and fuel(resources) required for your destination.  GeniusCore can help you develop and execute a strategic plan that’s perfect for you growing business.  Call or email for an interview.

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380-workers-on-a-giant-computer-pvYou’ll like what we can help you do for your business!! 

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Core Values: Your Competitive Edge

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“It’s not hard to make decisions when you know what your values are.” Roy E. Disney

 

Ideally, you have a strong mission and vision set for your business.  The next essential parts of your company foundation are your core values.  Core values can be thought of as the “glue” that holds your organization together. This should be recognized as the character of all of your activities.  They support your business vision and mission and they also help define your business culture.  Core values help your business operations run smoothly and, if they are understood and practiced, offer several advantages.  First, they help you make better decisions.  For example, if it’s necessary to purchase supplies and the quality of what is available is less than perfect, you would reject them (even at a lower price) because they violate your business value of “high standards” or excellence.  You don’t want your product or service affected.  Second, core values educate customers and future employees.  They know what to expect from your company and seek you out because of your values.  Third, core values are fundamental, that is, this is one thing that the changing environment will not alter.  Your clearly defined values should remain the same throughout the life of your business. 

Some of the problems that many businesses are experiencing may be caused by weak or nonexistent business values.  Examples would be fighting the same issues over and over or a lack of mutual trust because of a disconnect between the stated values and daily behavior.  It’s important to create a strong foundation of values if you want a prosperous and growing business.  As suggested in an earlier post(Income Inequality and Your Small Business Mission), quality, excellence, timeliness and good business practices are in short supply in our country.  Consumers are hungry for quality and reliability.  Great business values can set you high above the competition.  GeniusCore can help you clarify your business values and convert them into behaviors that you can measure and manage.

 

 

 

“I have chosen to use my work as a reflection of my values” Sidney Poitier

 

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You’ll like what we can help you do for your business!!

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