Tag Archive for: Future
Not long ago, I had a meeting with one of my Clients and his Banker. We were feeling quite good about our YTD financial numbers, but we also wanted to touch base with her about some upcoming projects that we were starting to outline for future expansion.
Now, I went into this session thinking that we had, thus far, had a really good year. However, we were quickly reminded that this Client was still not in the bank’s top 10% in terms of profitability. After recovering from the shock of her comments, I reminded her that 90% of the bank’s customers were not in their top 10% for profitability… It was a mathematical fact.
However, I felt that it was better not to “win the battle & lose the war” by delving more deeply into this point. Thus, I shared a comparison of how far this Client had come. When we started with them five years ago, they had experienced several years of large losses, and they were now well on their way to a third consecutive year of solid profits. The best part of this discussion was that I had the financial analysis to prove it.
If you had been put on the spot like we were, could you have countered the Banker’s anguish with similar analysis? With the tight margins that have historically plagued the dairy industry, I suggest that you develop a system to track these same numbers.
Allow me to share three reasons to do this and obtain a firm grasp of your Cash Flows. First, why would anyone want to run a business and not know how they were doing financially? It is the “scoreboard” for your operation. To keep moving forward successfully, you must know how your operation is faring. It should be a solid source of motivation for you to make the necessary adjustments and continue getting better.
Second, it is good to be prepared if and when you are ever confronted by comments like the one we received at this bank meeting. I can hardly describe the joy I received in cutting through the misinformation and setting the record straight, based upon their true results… Having this information can also help if you ever need to find new financing.
Finally, think about the next generation of your operation. This is a challenging industry, and if we want the next generation of leaders to participate and make it even better, they will require a solid understanding of what they are getting involved in, because there are so many other opportunities available to them. Let’s help them as they seek to lead your operation forward to even higher levels. Remember, their success might even represent your retirement funding as they take the lead.
Financial analysis is one of the key areas that we focus on at Success Strategies, Inc. If I can assist you with this process, please let me know.
“The future belongs to those who see possibilities before they become obvious.”
John Sculley, Former Apple & Pepsi CEO
Let’s take your business to the Next Level!
I recently heard Robert Kennedy speaking about a conversation that he had held with Turning Point founder Charlie Kirk, prior to his sad and unwarranted assassination. Kennedy suggested that there were worse things than dying. One such example would be to live in a communist or socialist state where you had no choices, effectively in a position where you could not make your own decisions, one where you had no Constitutional rights.
Now, I do not want to turn this blog into a political diatribe, but I do wish to use it as a launch pad for you to reach a higher level of your future. If money were not an object, would you pursue some role that is different than your current one? Do you absolutely love what you are doing in your life? Do you have higher aspirations? Are you being your best self?
If so, I applaud you. My point is that we have so many options available to us. Let’s not overlook them, particularly out of fear. Fear is nothing more than an acronym for – False Expectations Appearing Real…
Have you been thinking about something new and challenging, career wise or for your Family or something even bigger? Set the goal, recognize the obstacles, and then figure out how you can mitigate each of them, as you set out on your new mission.
Motivational speaker Les Brown tells the story outlined by Dr. Howard Thurman, who said that the ultimate positive would be to be on your deathbed and be completely surrounded by your Friends and Family, providing you with your final moments of love & comfort, celebrating your accomplishments in whatever you had pursued.
Contrast that with the pain associated with being in the same situation, except that you are surrounded by your unfulfilled dreams, and these dreams say to you, “We came to you, and only you could have fulfilled us. But now we must die with you.”
What a sad situation that would be… What goal or decision have you been putting off?
Please don’t let another moment go by without addressing this. Move forward with your dream. Prove the naysayers wrong!
I will see you at the finish line and if I can assist you on this process, please let me know.
“Wherever you are in life, you made an appointment to be there.”
Les Brown, Motivational Speaker
Let’s take your business to the Next Level!
If you think for one moment that you can do something, you are correct. In a recent article by Joshua Becker entitled “Focus on the Reasons You Can,” he does a great job of explaining the benefits of changing our thinking. As the saying goes, “Whether you think you can or think you can’t, you are correct.”
So often in life and in business, we remind ourselves to be “realistic.” As a result, we temper our expectations. We accept less than what we could have or achieve. Sometimes even well-meaning friends or relatives tell us not to take the risk… If you do a survey of people, you will find a very small percentage of people who can tell you what they want in life. However, 95% of them can tell you what they don’t want in life!
Joshua Becker suggests that “Almost everything worth accomplishing in life is difficult.” He goes on to tell the story about a conference that he attended years ago where the prolific writer, Anne Lamott, was asked the following:
“‘How do I find time to become the writer I want to be? I am a new mother, tired and ragged, and I just can’t find the energy to write during this phase of my life. Should I wait until it passes?’
Anne’s response was swift, pointed, and memorable.
She replied, ‘Listen, there is always going to be an available excuse as to why you can’t do your writing. You are newly-married, or you have a young child. Next, you will have more than one child, or you will be parenting teenagers, or beginning a new career, or traveling too often, or involved in this or that. There will always be a reason why you think you can’t do what you need to do. The pursuit is to overcome these obstacles in order to realize what you are called to accomplish.’
I’ve never forgotten Anne’s words of wisdom that day. In fact, it’s been ten years, and I still remember where I was sitting in the room.”
The point is that you can, indeed, reach that goal you have in mind. Get beyond the paralysis of pessimism. Instead of asking if you can do something, start to ask how you can achieve this objective. Write it down and give your mind an opportunity to start working toward its achievement. Your subconscious mind will push you forward in a positive direction, and as Joshua Becker points out: “… those who focus on the reasons they can, find hope and energy and perseverance.”
What goal or decision have you been putting off? If I can assist you with this, please let me know.
Let’s take your business to the Next Level!
Do you have a Goal? Brian Tracy, in his book The 32 Unbreakable Laws of Money and Success, outlines a 7 Step process that we all should follow to achieve the goals that we desire.
Here is a synopsis of those seven steps:
· “Decide exactly what you want.” This is just like archery. You are very unlikely to hit a goal you cannot see. In the case of archery, if you are blindfolded, you probably won’t hit the target. The same holds for goals not set.
· “Write it down.” There is some “magic” to writing down your objectives. Your subconscious mind works toward them, even as you go about other tasks. Don’t overlook this “hidden” advantage.
· “Set Deadlines.” Otherwise, nothing happens, so create a “Sense of Urgency!”
· “Make a Checklist.” What needs to happen? By when? By whom?
· “Organize Your List by Sequence and Priority.” In what order do the steps above need to be completed?
· “Take Action.” This is imperative.
· “Keep Going.” In the infamous words of Winston Churchill, “Never give up!”
It is important that we then manage our time and, frankly, make every moment count, and just in case you are nervous about making a big decision, please allow me to offer you a story from my Business Coach Dan Sullivan of The Strategic Coach:
“When I started as a copywriter at a large ad agency in Toronto, my creative director taught me something that changed how I approach decision making.
He was a tough street kid who didn’t go to college until his thirties, and when people would stress about making the “right decision,” he’d look at them and say, “Nobody makes right decisions. You make a decision—and work like hell to make it right.”
That mindset has stuck with me for decades. And in today’s world, it’s more relevant than ever.
In times of uncertainty, most people wait. They stall. They default to bureaucracy. They overthink and delay progress because they’re afraid of making the wrong move.
But entrepreneurs have a distinct advantage: You don’t have to wait. You can make a decision right now and start moving forward—while everyone else is still standing still.
This mentality—prioritizing action over perfection—is what separates entrepreneurs who thrive from those who get stuck. Because when you’re indecisive, you’re not just pausing … you’re slipping backward. You’re building pressure, second-guessing yourself, and cutting yourself off from learning.
But the moment you make a decision—any decision—and take action, everything changes.
You start learning.
You gain insight.
You build momentum.
You get feedback and make improvements.
You make progress.”
I’ll conclude with Dan’s final thoughts on this:
“Uncertain times don’t have to slow you down. In fact, they can be the best time to invest in yourself—because while the rest of the world waits, you can move forward.
The entrepreneurs who win aren’t the ones who play it safe. They’re the ones who act, learn, and adapt.
Because indecision isn’t safe—it’s the riskiest position of all.”
If I can be of assistance to you, please let me know.
Let’s take your business to the Next Level!
Recently, I visited a business prospect who suggested that, frankly, he did not know how they arrived in the challenging situation they were currently facing. After looking at their situation, I made two quick suggestions that may yield an additional $100,000 of profit.
Their situation reminded me of the cartoon with the two cowboys leaning on a fence and a starving cow standing next to them. They said, “Gee, just don’t know what happened, but she just suddenly took a turn for the worse…” The reality is the cow had been starving for weeks. They just hadn’t been paying attention…
This is all too common in business today, and the resulting downturn for some is coming faster than ever. While we cannot control the impact of variables like COVID, inflation, higher interest rates or tariffs, we can structure our business operations to build some “cushion” for these types of impactful events.
We know these various challenges will arise at times, sometimes when we least expect them. With this in mind, let’s develop a plan to overcome them. Remember, tough times don’t last; tough people do!
What can you do? First, develop a plan for what you want to achieve, or as Stephen Covey often stated, “Begin with the end in mind.” What are the obstacles you will potentially face, and how can you mitigate these? Set dates for the steps you will need to take and determine who will be implementing these tasks. Otherwise, you could end up like the four people: Everybody, Anybody, Somebody, and Nobody.
Everybody agreed that a task was essential. Anybody could have implemented the next step. Somebody should have taken charge, but, in the end, Nobody did. The result? They were “painted into a corner” with no way out…
Don’t get caught in this trap. Develop a plan, monitor its implementation closely and adjust it when necessary. Stay the course, and you will be “Ready for the Big Dance” when good times arrive, instead of sitting on the sidelines, wishing you had made some changes.
“A good plan is like a roadmap: it shows the final destination and usually marks the best way to get there…”
H. Stanley Judd
I have recently been hearing about organizations that are under “financial duress.” According to reports, they have been losing money for over 10 years and just recently decided to make some adjustments… Of course, there were plenty of “excuses.” First there was COVID, then we couldn’t hire sufficient help, then we saw inflation, the Fed raised interest rates, and, alas, now we are being subjected to tariffs…
As I said, they have now decided to make serious adjustments and develop a plan. Actually, their lenders likely decided that the company needed a plan for change. They may have been reaching a scary point on their “Burn Rate.” This is the amount of time a company has left, given their current rate of losses, before all their equity is gone. For example, if we have $1,000,000 of equity and lose $200,000 per year, we have five years left before all our equity is gone, assuming nothing changes.
This is not a fun position to be in. I also recently learned of a Homeowners Association that plans to assess each of their homeowners $25,000 to compensate for “deferred maintenance” in their community. This is a prime example of how past decisions, or lack thereof, can hurt future generations, because eventually the “toll will get paid…”
It reminds me of the old Sunoco gasoline commercials, where the mechanic suggested that we should be using their high-quality gasoline to minimize engine repairs later. While it was more expensive per gallon, he stated that you can “Pay me now or pay me later.”
I have one question for you to consider. Are there decisions or actions that you have been deferring into the future? Given the current economic situation that has resulted from COVID, hiring challenges, inflation, higher interest rates and/or tariffs, do you need to rethink how & when you might address some challenges in your life or business? If so, start to address them today. The future success of your family, the availability of necessary financing, or your organization’s very survival will be dependent upon it!
As I stated in my last blog, you will be better prepared for success, i.e. “Ready for the Big Dance” when better times arrive, instead of sitting on the sidelines, wishing you were more prepared. If I can assist you with this process, please let me know. It’s what I do best!
“All you need is the plan, the road map, and the courage to press on to your destination.”
Earl Nightingale
There seem to be a lot of downtrodden businesspeople these days. They are discouraged about inflated costs, high interest rates and difficulty getting employees to perform.
When things get tough, “Cost Cutting” often becomes the mantra. To an extent that is fine. However, we cannot simply save our way to prosperity by only cutting costs. If it were true, all we would have to do is reduce our expenses. On the contrary, I suggest that you only cut costs to the extent that it does not hurt the performance of your business.
In 2009, I watched some dairy producers cut back on feed costs to offset the greatly reduced milk prices. While that may have looked okay in the short term, in the long term, it really stymied their operation’s performance. When milk prices rose again, they were not prepared to respond, and cows did not come back into their maximum production very quickly. They were lackluster, at best. Profitability suffered for at least another year.
We are going through another trying period of inflation, high interest & tighter margins. With that in mind, let’s limit our cost reductions to the items that do not directly impact productivity of your business.
Motivational speaker Les Brown tells the story of how, early in his career, he had wanted to be a DJ, a disc jockey. An experienced adult told him that he had to be hungry & ready to take action. He went to a radio station in Miami and was rejected for a DJ position numerous times.
However, on the advice of his mentor, he studied and practiced being a DJ, because he was advised that it was far better to be prepared & not have a job, than to be unprepared when an opportunity did come along. One afternoon, his chance surfaced when another DJ was drinking heavily and could not finish his show. Les Brown stepped in, completed the show, and, as the saying goes, “The rest is history.” However, what would have happened if he, not having a current opportunity, had just not bothered to be prepared?
My point is this. Be prepared. These challenging times with high inflation and higher interest rates won’t last forever. Tough times don’t last, but tough people do!
Watch your costs and adjust them where you can. Just don’t stifle your operation’s productivity in the process, and you will be prepared for success, i.e. “Ready for the Big Dance” when better times arrive, instead of sitting on the sidelines, wishing you were more prepared.
“You gotta be hungry!”
Les Brown
I recently finished reading a new book by Dan Heath entitled Reset. It is an excellent book, and I would highly recommend it. The book contains a tremendous amount of change management and outlines methods we can use to make huge improvements in our processes.
One area where I hear the most complaints from Clients is “Labor Challenges.” Heath points out that “there is no emergency, only choices.” The key to making improvements on labor or any other issue, he suggests, is to identify “Leverage Points & Restack Resources.”
In one business, for example, the management team was having difficulty with employee motivation. As a result, they shared a questionnaire with employees that asked four questions that they could answer anonymously:
· What makes a good workday for you?
· What makes you proud to work here?
· When we are at our best, what does that look like?
· What are any impediments to your performance?
Then, in response, the same management team addressed these issues quickly, especially the small ones. For example, the coffee machine did not always work properly. It was relatively low cost and got replaced right away. They leveraged this item (at a reasonably low cost, too).
Additionally, they put three clear, plastic boxes at the place where their employees exited at the end of their workday. One box had orange ping pong balls, one had white ping pong balls, and the third one was empty. As they left work, the employees were asked to put orange ping pong balls into the empty box if they had experienced a difficult or unreasonably challenging day with conditions that needed to improve. If their day was solid, they were requested to place a white ping pong ball into the empty box, likewise giving management some immediate feedback on the day.
If you think about it, this process was very practical and provides a good example of participative management by asking the employees: “What matters to you?” It identified leverage points that were important to the crew and allowed management to “restack resources,” often at very low cost, to create a better outcome.
Give this some consideration in your operation, and if I can assist you with this, please let me know.
“People often say that motivation doesn’t last. Well, neither does bathing – that’s why we recommend it daily.”
Zig Ziglar
I recently had a conversation with a good friend of mine about having him start a new business. Of course, he was concerned about numerous items – recent events with Ai, continued concerns about inflation and high interest rates.
I suggested that he focus on what he wanted to achieve with his customers and, as the saying goes, not “let the smoke get in your eyes.” While the recent concerns about Ai are relevant, I cannot let that stop me from moving forward with my life and neither can you. In fact, the advent of Ai will likely assist many businesses to streamline their operations and become more efficient. Recent Ai events were probably a “wake up call” for the U.S. tech industry…
Now, regarding inflation and its effect on the Federal Reserve Board raising interest rates to slow down our economy, we have had inflation for a long time. Why do you think the “purchasing power” of the U.S. dollar has decreased so much over the last 50 years?
Instead of worrying about the impact of these forces, I suggested that he spend more time focusing on what he wanted to do for customers. Additionally, consider what he needed to get started. Let’s consider these outside forces and then focus on the positives of what he could offer.
In the book “Start Up Nation” authors Dan Senor and Saul Singer state that “Without start-ups, the average annual net employment growth rate (1980-2005) would actually have been negative. Economist Carl Schramm, president of the Kauffman Foundation, which analyzes entrepreneurial economics, told us that ‘for the United States to survive and continue its economic leadership in the world, we must see entrepreneurship as our central comparative advantage. Nothing else can give us the necessary leverage.’”
So, after shifting my friend’s focus, I suggested he consider the following. If he knew that he could not fail, what would he do? Once identified, that is where he is most likely to succeed.
What is the Next Step for you? Please let me know if I can help you. You can reach me at john@success-strategies.com, and consider the following advice:
“The two most important days in your life are the day you were born and the day you find out why.”
Anonymous
Let’s take your business to the Next Level!
