Yep, cash is… Really king Odd as it may sound you could have two businesses with sales, gross profits and operating costs that are absolutely identical and yet have two entirely different financial pictures. One is vibrant and poised for growth while the other is about to shutter its doors! The first business has average […]
Some rules… To remember There are two pretty hard rules that underpin the integrity of both the Profit and Loss Statement and the Balance Sheet. The first one for the P&L is that the owner and the business are separate entities. The second one regards the balance sheet rule that business assets are, with few […]
Balance sheet… decoded (kinda) While we’re in bean counter mode, addressing the least understood financial statement (the balance sheet) seems appropriate. But first let’s set the table: The P&L statement is a record of the profitability of the business over a period such as a month, quarter or even full year. The balance sheet is a […]
The power… of magnetism Of course we know that high grade stainless steel isn’t magnetic. But if we consider the almost irresistible attraction that stainless dishmachine has on our prospecting attention, you’d think both that it was, and that we all carry a super powerful rare earth magnet in our back pocket! And while we’re […]
Runaway usage… Causes and corrections You get the complaint call that they shot through a week’s supply of detergent in a day. So you head over to figure out what might be the cause. Suspecting a dispenser malfunction you titrate the wash tank but it’s exactly where you set it. Next you drain the tank […]
Some games and … getting the answer As kids, we sometimes played the guessing game Mineral, Vegetable or Animal. It involved asking questions that were only answered by a yes or no allowing a player to (hopefully) guess who or what the other player was. Discovering the source (and cure) of that persistent haze we’ve […]
Losing with … grace and class There’s nothing quite as upsetting as losing a good customer. That’s especially the case when they’ve been with us for a long time. And it’s even worse if we believe the change was unfair and undeserved. But when it happens, we have two choices. First, we can be petty, resentful […]
Retaliation and Making the peace The temptation to retaliate against that competitor who trashed your equipment when he took that customer for you last week is tempting when the tables turn. He “removed” your dispenser in so roughshod a way to render it pretty unless. And to boot he vindictively cut up all your wires […]
Banana peels and…Slippery situations We got the all-clear from that prospect, so we thought it was a done deal. But when we show up for the install, we get the really infuriating (and disappointing) news that they’ve decided to give the old supplier “one more chance”! It’s a scenario that we could and should have […]
Winging it versus …Planning for it When we’re preparing for the upcoming week, how many of us include an updated list of targeted prospect calls we’re going to make? And by targeted we’re talking about named potential accounts, not a vague reference to making a few calls on “some” prospects. Nope we’re talking about very […]