By: Lisa Schardt, Nexstar® Network Sales
Here are the Top 5 Reasons you may not (really) be profitable:
- You don’t add YOUR SALARY to the budget. You “take whatever is left” at the end of the month. Really? Have other successful CEOs done this? Warren Buffet? Steve Jobs? Bill Gates? You are a CEO, too.
- You don’t pay your employees health care benefits. Remember, you are in the PEOPLE business. You must take care of your people – AND their families – yes, I said pay their families health/dental insurance too.
- You don’t save for your retirement. Okay, now we need to talk. I know you think you are going to work in your business and then sell it for a crazy amount of money, retiring wealthy. Here is the reality. Most companies are worth about $15,000. “Sweat equity” does not count. Your inventory numbers will be inflated and dated, and your old vehicles aren’t going to be worth much. It takes years of careful planning and very wise decisions to sell your company and retire financially comfortable.
- You don’t invest in new service vehicles. Nexstar Founding Father Frank Blau used to call them “rolling *%[email protected] boxes.” Your vehicles are a reflection of you. Re-wrap them, clean them up or replace them. It’s a good time to invest in your fleet.
- You don’t invest in REAL training and development of your people. Your employees are in people’s homes, dealing with the homeowner face-to-face. Don’t expect every call taker, technician, salesperson and install member to naturally be great conversationalists! They must LEARN that skill. Heck, even fast food restaurants train their employees in customer service – whether they are flipping burgers or greeting diners.
Here’s the key… If you’re not making money, you have a hobby, not a company. (There are a lot more fun things to do as a hobby!) Life is all about choices. Here’s the best small business advice in the world–make the choice to invest in yourself and your business.
Don’t settle. Make the decision to take control or your business and your life with the help and the support of Nexstar® Network. We are an honest, results-driven organization, here to serve you. Call me. 888.240.STAR (7827).