-
-
As a business owner, you know what it’s like to lie awake at 2 a.m. Maybe it has happened when you are excited and full of new ideas for your business. More often, it’s because you are worried about issues you will face the next day. Sometimes, it’s because you just woke up with the solution to a problem. I’ve experienced all those emotions about my businesses over the years. Awake at 2 o’clock? is where I share them with you, and hopefully help with answers that will let you sleep.
John F. Dini, CExP, CEPA
-
Small business owners are the Hunters of the 21st century. We are 3% of the US population, and yet we create over half of all American jobs. As Hunters, we may not be inclined to manage by the numbers or stick to systems. Are you a Hunter or a Farmer?
-
-
How prepared are you to exit your company?
The Assessment breaks down the four major categories of exit readiness; Finance, Planning, Operations and Revenue/Profit.
Tag Archives: economy
The Triple Threat: Phase II
Okay, I’m stepping away from the sales compensation series for a day, and admitting something to everyone. I’ve been writing the blogs on sales comp in order to duck the one I didn’t want to write. I am by nature … Continue reading
4 Responses to The Triple Threat: Phase II
Leave a Reply
Another Swimming Metaphor
“Only when the tide goes out, do you discover who has been swimming naked.” This classic bromide by Warren Buffett has come to mind several times in the last few weeks. As the economy hits dead low tide (coming back … Continue reading
One Response to Another Swimming Metaphor
-
I have some work to do, thank you for waking me up!
Leave a Reply
Tough Times Call for Tough Tactics
My motto for this recession, quoted previously in this space, is “You don’t have to outrun the bear.” As the recession lingers, and the slow, jobless recovery trickles in with a whimper, my clients are finding it both tiresome and … Continue reading
Leave a Reply
‘A Recovery Only a Statistician Can Love’
This editorial, from the The Washington Post talks about some of the same things I am concerned about going into 2010. While we will get some positive GDP numbers, perhaps as soon as this quarter, it won’t feel much like … Continue reading
Leave a Reply
Cabin Fever
My mom lives in New Jersey. Around February or March of every year she gets cabin fever. Too many cold and miserable days spent indoors, and she starts climbing the walls. It’s August in San Antonio, and we are in … Continue reading
Great article John. We are addressing similar issues here in Wilmington, NC with our TAB Board Members. In fact, we have a Lunch & Learn this coming Wednesday (10/7/09) to explore the "new normal". Our local TV station interviewed us on the 5pm news to discuss this issue and how our TAB Boards are helping. Here's the link for the 3 minute video clip: http://capcorp.wordpress.com/2009/10/05/the-new-normal-in-accessing-capital-to-grow-your-business/
John,
Spectacular article. Right on the mark. I'm forwarding it to every entrepreneur I know. I've been blogging on similar topics, especially in the area of "what is a business owner to do?" More at http://zthree.com/blog/category/sales/
Thanks for sharing your knowledge and wisdom.
John:
I would throw in a couple of additional points:
The major banks – BoA, Wells-Fargo, Citigroup, etc. have vastly greater losses than they have capital to cover. Add to that many regional banks about to take big commercial real estate hits, and the FDIC "insurance" is worthless for any business.
Banks will fail soon, we just don't know which ones yet.
You can guarantee that when the voters can't get money out of their savings account, Congress will insure they get the bailout this time. There is no cash available for an FDIC bailout – only more of Uncle Sam's credit card, and it is getting close to its limit. Be prudent – assume if your bank go under you will recover zero.
So it's time to really dig into your bank's balance sheet – you don't want discover a problem by having payroll checks bounce.
Second point – necessities will come first. It's time to go reread Maslow and re-discover the hierarchy of needs. People will pay for food and items associated with food first, then shelter (note this doesn't necessarily mean the mortgage payment right now, but does include power, heating oil, etc.). For a refresher see this link: en.wikipedia.org/wiki/Maslow's_hierarchy_of_needs
Assume physical and safety needs will consume the bulk of available cash, so if we are hunting new sales – we need to sell where the cash is most likely to be available.
So if you are planning a new marketing campaign aimed at selling gold-plated electrical fixtures to pet stores that specialize in crystal dishes and escargot-pureee cat food, it's time for a new plan.
http://coomararunodaya.com.