You have a pile of paperwork, you need to hire three people, you have to file taxes, you have to clean up “x,” and send adwork for that service.
It’s 1:00 am–it is always 1:00 am or later when you finally throw your hands in the air and let it go to tomorrow. You need some help, you know you need some help, but you don’t even have time to ask for help, or train someone to help you.
Yes you do, and let’s face it . . . you must. You have to slow down so you can get back on track. How long can you spin your wheels before your health suffers severely, your relationships with friends and family suffer, your business fails?
You do not have to live like this anymore. Help is here.
The Business Turnaround Formula is something FMG has been using for years to help business owners on the brink. The Formula is designed to help you prioritize your needs and your business’s needs.
Chuck, the Interior Decorator
Let’s use Chuck as an example. Chuck sells services to individual clients; he is an interior decorator.
He works solo mostly, but has an assistant to help with this and that. He has three projects ongoing: a small one-bedroom apartment, a downtown office, and a four-bedroom single family home. The projects are all due in the next 30 days. Chuck needs to:
– present final plans for each project and confirm all of the pieces for each project, requiring at least 7 phone calls to 7 different vendors in timezones different from Chuck.
– invoice three clients for completed projects and progress payment invoices for the three pending projects.
– make a trip to the accountant, as quarterly taxes are due soon, and Chuck does not have any projects in the pipeline after these three projects close.
What does Chuck need to do?
He needs to call Frederick Mountain Group. But assuming he does not, here is what he should do:
(1) Determine exactly where he is financially. If the projects disappeared and if no more projects come through, if no additional financing comes through, how long will the business last? This will determine Chuck’s next move.
Answer: We find that Chuck has 60 days before the business goes under without any further action.
(2) What will move the business forward the quickest?
Answer: Don’t work for free. If you are not timely in billing your clients for services rendered you are working for free and you need not work any harder for free. Get the billing completed without delay.
(3) What will next move the business forward the quickest?
Cash flow is the lifeblood of a business. Assuming Chuck is charging an appropriate fee for his services (such that covers the overhead, including a reasonable salary for Chuck), we need to prioritize those tasks that support cash flow. Chuck needs to engage the assistant to help with the daily tasks that are preventing Chuck from doing the work to move the business forward. If possible, get the assistant to help with calling the vendors. Move the projects forward.
See, that wasn’t so bad. Is it this easy? Probably not, but you have to discipline yourself to focus and stay on the path.