Are you minding your own business?
I recently received a call from a business owner whose first words to me were, “I don’t think I’m going to have a business in three weeks…Can you help me?”
After meeting and reviewing his financial situation, I determined that he would still have a business, however, it would not be without challenges. Invoices for completed jobs had not been generated and sent to customers, receivables had not been pursued, the A/P (accounts payable) was in a mess, jobs had been bid and contracts were signed without anyone updating cost information. In fact, many of the contracts that were ‘committed to’ were at a loss to the company!
All this boiled down to one thing: No one was minding his business.
Today, the business is still operating although it is struggling severely and its future is questionable at best. Though procedures have been implemented and attention is now being paid to each aspect of the business, the company has a tough road ahead to dig itself out of its financial situation.
Many business owners rely on others to provide information to them. Along the way, they begin to assume that things are being taken care of and disengage from what is happening around them. In this scenario, the only person that stands to lose anything when a business fails is its owner. Everyone else within the business can complete a resume and seek another job somewhere else, however the business owner loses not only his or her business, but often times all personal assets as well.
Important point: As a business owner, you must stay engaged in all aspects of your business.
Challenges to employee decisions are not always challenges to the individual, but verification that the employee is always acting in the owner’s best interest. By remaining engaged in all aspects of your business, it will ensure that you are minding your own business.
