As business owners, we all fall into this trap at some point. When things are going well and the money is flowing in, we think everything is fine; we think we are geniuses and there is nothing we can improve in our business. Why fix what’s not broke?
The truth is we should always be fixing and improving parts of our business to make it more efficient and more profitable. We should always be adapting to the ever-changing business landscape.
Failing to do so can lead to huge problems. We could be losing our market share to a new competitor or product. We could be losing customers due to lazy customer service or just simple indifference. We could be wasting cash in a myriad of ways that we would never had done when we first started the business.
Worse still—we could be limiting our profit growth by simply not working on improving our bottom line. This is a situation that I see with well over 90% of my business clients. They are simply working on putting out the day-to-day fires and are too busy to improve their business.
Until the cash dries up!
When they can’t make payroll, when they can’t pay their bills, or when they can’t even pay themselves what they are worth…finally at this point, the business owner will admit that they have a problem and start working on a solution. Now it hurts, and they must eliminate the pain.
But why wait for it to hurt? The time to fix the problem is before it hurts!
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