Procrastination is denial’s best friend, which is why I also tell my clients: If your business is in distress, or you aren’t making the kind of money you’d initially imagined, then it’s time to open your eyes and wise up. In other words, It’s time to stop the denial.
Don’t deny yourself until you’re broke. Look at your books and admit to yourself that your profits aren’t where they should be.
Imagine back to a time when you were a small child seated at the dinner table, painfully staring down at a plate of vegetables. You couldn’t push your peas and carrots away fast enough. And even though it appeared that you may have gotten rid of them, they were still on your plate, just a little further away from your fork.
Now, as adults some of us have subsequently taken this childhood habit into our business life. We get up every morning with obligations that we don’t want to meet such as; going over last week’s expense reports in painful detail; calling the bank to ask about renewing a credit line; meeting an employee to issue a performance warning. It’s my guess that heading out for a networking lunch or an afternoon game of golf would be a touch more gratifying so, why not put these things off just a little longer? BIG MISTAKE! - Comparable to pushing the peas to the other side of the plate, the concerns are still close at hand. It’s time to approach them head-on, get it over with, and eat your vegetables!
The longer these tasks don’t get done, the more problems will accumulate. Putting off the stuff you don’t want to do is just another sign you are in denial. Tackle it head-on and get it over with.
Here are just a few obvious red flags to indicate you’ve got problems.
- You’re living week to week just to cover operational expenses
- Your line of credit is maxed out
- Your knuckles turn white every time you try to meet payroll
Facing reality is never easy. Taking a cold hard look at yourself and your business can be the toughest thing for an owner to do. If your bad habits like procrastination or self-indulgence have bled your business dry, perhaps it’s time to assess your leadership. Ask yourself honestly, where you think the business is doing well, and where you need major improvements. Denial is the small business owner’s worst enemy. End it now. Face whatever it takes to build a stronger business.
Answer these questions as honestly as possible. Don’t worry. No one’s reading over your shoulder. The only person who has to handle the truth is you.
DENIAL POP QUIZ:
- You give someone a task that must be completed as soon as possible. How long do you wait before checking in on him? A: 2 days B. 1 day C. Til the end of the day D. You mean it isn’t done yet?
- How closely do you monitor each department? A: Weekly B: Daily C: Hourly D: You didn’t read the question because you’re doing it right now.
- If your business isn’t turning a profit, who’s to blame? A: The sales staff B: The sales manager C: The faltering economy D: Take a look in the mirror and take a few guesses
If you answered mostly A’s and B’s: You have no business owning a business.
If you answered mostly C’s: There may be hope for you yet but you’re probably just scraping by.
If you answered mostly D’s: You’re on the right track, but there’s always more you can do.
Founded in 1986, American Management Services has worked with over 6000 small businesses in 400 industries. American Management’s mission is to increase profits and cash flow to small and mid-sized companies.
Celebrating its 25th year American Management employs over 100 full-time professionals, all seasoned executives, working in turnaround management, profit management, cash management services and strategic management throughout the nation.
The founder George Cloutier aka ‘Turnaround Ace’ graduated from Harvard College and Harvard Business School, where he wrote his MBA Thesis on implementing increased profits, cash flow and organizational effectiveness for small and mid-size companies.
If you are a small business owner, committed to increasing your company’s sales, profits or cash flow, American Management Services is much more than another consulting company. We deliver “Results, not Reports”.
Celebrating its 25th year American Management employs over 100 full-time professionals, all seasoned executives, working in turnaround management, profit management, cash management services and strategic management throughout the nation.
The founder George Cloutier aka ‘Turnaround Ace’ graduated from Harvard College and Harvard Business School, where he wrote his MBA Thesis on implementing increased profits, cash flow and organizational effectiveness for small and mid-size companies.
If you are a small business owner, committed to increasing your company’s sales, profits or cash flow, American Management Services is much more than another consulting company. We deliver “Results, not Reports”.
