Fear of the cashflow hampers business.
Business owners particularly in these uncertain times get very concerned about the cashflow that I believe affects their decision making. We need to be on top of cashflow, it needs to be properly managed but by focusing on this alone we affect the long term performance of the business.
This short term focus makes us assume all clients are good if they have a cheque book. But we can’t be all things to all people and if we take on unprofitable clients or try to provide services to people that whilst profitable but not to the level of our main services then all we have done s added to the management drama of the business.
This short term focus can make us not devote the time and resources necessary to improve systems, services etc. But it is only by investing in these areas will we have a more enjoyable and more profitable business.
This short term focus can lead to poor customer service. By trying to do everything, serve as many as possible and manage the team the result will be a decrease in the priority given to making the customer service fantastic.
So remember the focus on the systems, client selection and client service are not urgent but they are extremely important to the long term development of an enjoyable business. Stop chasing the profits and todays cashflow, focus on the customer and deliver a great experience.
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