How to focus on your business and survive hard times?
In business, you are trying to quickly get good at something so you do not succumb to a bad and then a worse financial condition. Production and productivity that bring in income against expenses could make you go from good to better and best or push you down a dwindling spiral of defeat going from a bad condition to worse and possibly the worst imaginable
Do not be reasonable with expenses. I have seen people that are “reasonable” all the way to bankruptcy.
An expense must be thought of as an investment, it must have an associated and correlated return otherwise you will not last in any business. Guaranteed.
The first sign that your business is approaching its demise is: High overhead.
The second is: Reduction in income.
The third is: You guessed it, it’s too late, you are down and out!
To combat handle the first signs of defeat instead of just cutting back, you must focus on creating new things, promoting and selling yourself, your ideas and your products. Get into strategic relationships and add value to others by servicing them while watching your expenses and the associated income for each activity.
The time and timing of your deliveries will always make a huge difference.
Your efforts must reflect in facts and figures that you are progressing and improving incrementally but urgently.
If you do that with a high enough margin of profit and good velocity, you will gain market share and be able to enjoy a good momentum of growth and contribution and go from good to better and best.
Wishing you the best,
Cherif Medawar
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