I’ve not been present much today. Worried and anxious about the performance of my recently purchased business, 1-800-Radiator &AC of Madison and Appleton. Why am I worried? Well, we lost > $25,000 last month wiping out the cash reserves we had to make smart incremental investments in order to grow. The $25,000 went mostly to excessive labor, something good business people control very tightly. The other big cash drain has been an inventory build that would have gotten me fired as Director of Planning at Emerson.
Aren’t I better than this? I used to be…..
Nope. Not going to even think about the past. What we need to do is get employees humming along on the same page, working to make the customers happy. The managers need to be all in on managing their expenses, which is primarily labor. The FSR’s need to actively promote the business, hitting 25 calls per day, handling objections like pros. And I need to plan inventory like a mother training others along the way.
The #1 thing I need to do is give the feedback. Don’t run away from it. Yes these people are close to you but that doesn’t mean they don’t need to be led. They NEED to be led. So go lead them.