Categories: Thoughts

I’ve been on a documentary kick on Netflix for a couple of weeks now. Tuesday night I watched a film called I.O.U.S.A., a documentary made in 2008 about the national deficit. As you may have noticed, this topic has been all over the headlines for weeks now too.

Don’t worry, we aren’t going to delve into politics. But the film really got me thinking. They covered four different deficits currently affecting the USA and I couldn’t help but see a connection to business.

Financial Deficit

It’s a hard time for individuals and for businesses, especially small private owned ones. Many business are in the red and I for one, felt some urgency to keep my business from being one of them.

Keeping sales up and costs within control is a critical step to staying in the game. Don’t stop selling and push through the “no”s.

 

Savings Deficit

Following the US Government’s example, people have stopped saving which makes me wonder if businesses aren’t saving either.

A savings account is just as important to your business as your personal life. Aside from being able to earn interest, putting money aside helps ensure your business’ health during recessions and times of lower revenue.

Trade Deficit

Don’t be struck by “shiny object syndrome.” You do not need every training course, new software or nifty gadget that hits the market.

Make sure you are selling more than you are buying.

Leadership Deficit

As an entrepreneur and small business owner, we are the leaders of our company and ourselves, often with no internal “checks and balances.”

It’s important to have mentors who can give you an objective second opinion. We hold our businesses close to our hearts and as the saying goes, “the heart is blind…,” so be sure to have a close group of advisors to act as your sounding board.

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