Small Leaks

Today Ill share something with you that my husband always says when we are reviewing our budget. And yes we budget our MONEY every Month. I get back To that at a later time.. Austins Robinson  Favorite Quote Small leaks sink big Ships!!! Now some of you are thinking what does that mean or how does that relate to business. Well if there is one spot where you are losing money you need to stop doing it. You may say that's too simple well yes but not really if your not sure what it is that is causing the leak you may have to do some real search.  You see the water Coming in but do you know where its coming from...My advice is keep search you will find it. I'm my Business my leaks are usually miss management of my cash flow, advertising wrong, order the wrong product and having to eat the cost, horrible at collecting money that's past due. If any of these are you leak don't worry we can fix them.

 

1. 1st if you have a hard time managing your cash flow there is a great book out there by Dave Ramsey teaches you alot of what you need to do with and how to budget your money. Simplify this is Budget your Money its all you have to restock your shelves.
2. Advertising this is harder to do than money. Advertising is essential to a business. The problem is catch your audiences attention will the right advertising campaign whether you are a large or small business advertising will either hurt or help.It needs to be done so find what is working best and put you money into that form of advertising. Social Media is a great way to do some free advertising. That would fix a leak because it FREE...
3. Collections, I know we all hate that word but it has to be done either you or a person on your staff need to keep up with your invoicing. You need to call the 1st Day past due and let them know. It may have Been an oversight. Next you need to send out a past due statement. I always add finance charges due to the inconvenience it caused me. Third if they still haven't paid its time to turn over to a collection company. They may take some of the jobs money but how much would you get if you could never collect. So let the collection company do there job and you will see hopefully see something.

So DO: Know that Small leaks Sink big Ships, Check for leaks in your business

 

Don't; Just ignore it an think it will go away.... Be Proactive