Not having as much capital as you would like is an excuse we hear from entrepreneurs all the time. “If only I had more money, I know my business would be doing better than it is”. Sorry, people, that really doesn’t hold water. Here’s why:
Many small business owners use the lack of capital as an excuse for not REALLY knowing what it takes to succeed, to getting more sales, making more profits, satisfying more customers. The real answer is that if your business fundamentals aren’t all lined up, having more capital will only create the same, unsatisfactory result, just more expensively, or even worse, provide a little better results and conceal the real problems.
The real answer, especially in a difficult business environment that only now, slowly is recovering, is: Review every person, every step in the operations of your business, from how you get prospects (do you REALLY know), how you deal with your customers, how you (efficiently) maintain the operational aspects. What you’re searching for is avoiding wasteful redundancies, unnecessary expenses, ineffective people, and instead, becoming Lean and Mean.
At the end of the day you will have an operation that runs like a Swiss watch, and we all know how efficient they are!
Martin Kahn, Certified SCORE Mentor
visit us at: www.scoresouthflorida.net