How much money are you really making in your business and how much are you spending. This may seem like a silly question but a large number of business people cannot answer the question correctly. The problem lies in people being passionate and knowledgeable about what they do or offer, but are not as knowledgeable about business. This is not uncommon, even large companies with finance departments miss projections or have to restate numbers, so small businesses definitely need help. I am not talking just about bookkeeping, but about the total management of a business economy and using that information to set up business strategy and make business decisions.
This impacts not just General Motors but Floyd’s barber shop as well. Floyd needs to know what it cost to keep the shop open and supplied. To this end he needs to know how much to charge for each haircut. Now above and beyond the need to keep the shop opened Floyd needs to pay his mortgage and buy food and put a little something away for retirement.
Floyds a great barber but needs help on the business side. Floyd called a consultant and found out what he needs to do. There are a number of actions he can take to decrease costs and increase revenue. The most obvious is to raise his price, but then will he lose customers. He can renegotiate with his vendors to lower his cost or increase, stay open longer or find a way to cut utility bills. There are a number of ways to do this.
Floyds call to a consultant will pay back in a number of ways as well as cover the cost of the consultant. JANUS Think (www.janusthink.com) is experienced in ways of helping Floyd and other small businesses. It would be beneficial to give us a call and talk. The first appointment is free.