If your business isn't profitable during a recession, don't blame the economy; the real issues are likely within your control. It's crucial to acknowledge that internal, correctable mistakes are probably at play. The clear answer is to prioritize profits above all else and to take extraordinary measures to increase them. Embrace the 15 Profit Rules with zeal, and by doing what others avoid, you'll achieve what they can't. Your level of success depends solely on your commitment. Hard work and smart strategies are the keys to profitability, and anything less than your utmost effort is insufficient for success.
Focusing solely on profit generation and cash flow is crucial for the success of your business. It's essential to navigate any obstacles that might impede your primary goal of making a profit. Success should be measured by tangible outcomes such as the profit left at the end of the month, rather than intangible metrics like market share or the size of your sales. Running your business strictly by the numbers, with a keen focus on profits and cash flow, is vital. Regular profit and loss statements can help you stay informed about your financial status, enabling you to make necessary adjustments, such as cutting expenses to improve profitability. Maintaining strict financial discipline is key; ensure timely collection of receivables and rigorous expense management to keep your cash flow healthy. George Cloutier emphasizes the importance of being ruthless in financial management, even if it means making tough decisions, to ensure the company's strength and your well-being. He asserts that true profitability should prevent cash flow issues, allowing for a comfortable financial cushion and enabling reinvestment in the business's growth and success.
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