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Systems

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Fiscal Cliff . . .

By | Accounting, Finance, life style, Systems, Uncategorized | No Comments

mayan_calendar1“Be Prepared”

 

Boy Scout Motto 

 

If you are reading this, the world has not ended – yet. Our politicians battle about the impending fiscal cliff that will spin the entire US economy into a financial disaster worse than the Great Depression. At the same time, our National Debt continues to rise, random mass shootings seem to be  happening everywhere, unemployment is still high, and any other headline you see in the news may impact your life at any moment

 

How do you protect your business and family from all of these impending catastrophes?

 

I’ll call on Stephen Covey to start. It boils down to circles of influence. Most of us have little influence on the debate in Washington. We vote, write our congressman, stay abreast of what is happening, and let our voices be heard in various other ways. Beyond that, we have little influence.

 

What we can do is prepare our selves, businesses, and families for the most probable of situations?

  • Reduce or Eliminate Debt. You don’t need to fear what the banks or lenders will do when they are in need of cash. Any of them call “call the loan” at any time and expect all of the debt to be payed back. Without debt, all cash flow is completely in your control.
  • Cash reserves. Keep six months of cash put away in an account. I suggest two accounts: one for your business and one for your family. The amounts there do not need to be extravagant – just enough to keep either the business from folding if there is no revenue and enough to take care of the bare necessities of your family (food, shelter, heat). These accounts can also be used when an incredible investment opportunity presents itself.
  • Educate Yourself. When the Zombie Apocalypse comes, have a basic knowledge of survival techniques: find shelter, build fires, find clean water and food. Not only will it protect you from the Zombie Apocalypse, but should you ever get stranded in a snow storm or caught in a natural disaster you will be ready.The same is true for your business. Knowledge and skill will help your business survive almost any catastrophe.
  • Have a Plan. This is something that they taught us in elementary school. If there is a fire, you should have an escape route, a back-up and a meeting place. The same is true for any other catastrophe that may occur. Know what you would do if . . .

 

When you are prepared, fear will not be the basis of your decision.

We Need You!

We are putting together Accountability Partnerships! This is a new accountability and educational format I have developed based on Napoleon Hill’s Master Mind.

Learn more at the Accountability Partners Website!

www.boommybusiness.com/accountability_partners.html

 

Building Blocks

Building Blocks

By | Cost Controls, Finance, Leadership, Marketing, Operations, Systems | No Comments

“Every block of stone has a statue inside it and it is the task of the sculptor to discover it.”

 

Michelangelo (1475-1564)

A business is nothing more than a system of systems that create value. So examining those systems, there are five basic systems every business should have. I call them the 5 Building Blocks of Business.

  • Marketing
  • Management/Leadership
  • Operations
  • Controls
  • Finance

Of course within those categories, the specific systems that create widgets, tools, knick-knacks, food, services or experiences depends entirely on you as the business owner.

 

In each of my Kicks In the Butt, I try to address each of these individually. Today I am taking a step back and looking at the system as a whole. I am breaking down my own business into these systems with the intent of having them all work together in a seemless fashion.

 

Take a couple of hours over the next few weeks to review your systems. Where is the hand-off from one system to the next? What systems do you have within each of these “Business Building Blocks”

 

I have a very simple diagnostic for reviewing these building blocks. Email me or request it here if you want a copy sent to you.