Entrepreneurial Money Management

Marci talks about the financial issues & concerns business owners’ face when running their own company.

Take Your Eyes off the Nickels and Find the Big Picture

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We've all had those absolutely crazy days where everything seems to happen at once, and everyone is running around stressed out. Suddenly the alarm sounds that "somebody" has to buy more toilet paper for the office.

Somehow you find yourself at Staples comparing prices on toilet paper, wondering if this is the best use of your time.

Most of us lose opportunities for generating business or mapping strategic visions with these senseless errands. My husband, who is also an entrepreneur, spent six hours one day calling suppliers to try to save five cents on his material cost, for a net total gain of $1500.

Think about this: At a billable rate of $150/hour, his day of research cost the company $900. If he would have spent that time pursuing new business, he could have generated $300,000 in new revenue for the company. So by the end of the day, he lost $300,900 to gain $1500.

Getting your business to move from "scraping by" to generating substantial cash requires you, the leader, to remember that you are not your most effective when doing work that could easily be handled by someone else.

Before you speed off to Staples, or any other rookie job, stop and ask yourself these questions:

  • Can someone else do this job as well as I can?
  • Is this task fulfilling the strategic vision for my company?
  • Am I providing service right now that will lead to valuable partnerships?

I know these sound lofty, and I pooh pooh-ed them for the first couple of years I was in business for myself.  However, once I started looking at the big picture instead of the nickels, my revenue ballooned from $500,000 to over $1million in less than a year.

Be smart with your focus, my friends. It's your most valuable commodity.

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