As a successful business owners you may prefer to be actively involved in the cut and thrust of the day to day business and to have little interest in financial accounts. The thought of reviewing out of date accounts make you glaze over and reach for your headache pills. As your focus is to make …
Are the best business decisions based on the owners ‘gut feeling’ or detailed research and planning? I often see the two extremes of ‘Gung Ho’ decisions taken on a whim with very little forethought on just an owners hunch or ‘gut feeling’ and then again I see as often the other extreme of ‘planning paralysis’ …
I’m not a great one for business platitudes but there are a few that are worthwhile revisiting. Here’s one to consider, ready? Turnover is vanity, profit is sanity but cash is king! Hope that didn’t send you scurrying for the sick bowl. However, the overuse of these sayings can diminish their underlying sound wisdom. So, …
Rightly proud of their success they feel that they have seen it all and can rely on their experience to successfully face the future.
Typical responses from SME owners are:
“We have been really successful to date, so we must be doing things right”
“I’ve got 25 years’ experience, so I know what I’m doing.”
Reliance on experience can create a dangerous Business Comfort Zone (BCZ) which blinds the owner to possible dangers as well as opportunities. The BCZ creates a ‘wait and see’ approach leading to reactive knee-jerk responses rather than a proactive, considered approach to face these new events.
How, when and what the owner’s strategic response is, will have a significant impact on the future of all the business’s stakeholders.