The Problem With Symptoms
I have had many clients tell me that they would be fine if they could fix their cash flow problem. Others tell me that it is the lack of sales that is their biggest problem. Still others complain that the collection of receivables is the problem that frustrates them the most. Perhaps you feel a similar burden with your company.
My response to each of these issues is the same; these are not problems, but rather symptoms of a bigger problem. If you go to the doctor and complain about a stomach ache, the doctor could simply give you an antacid and send you on your way, right? But the doctor understands that the ache in your stomach is a symptom of something else and begins to probe for a bigger problem. Poking and thumping, pushing and listening, maybe even an X-ray or two, the doctor examines you looking for the real problem and once diagnosed, applies the proper treatment, which may or may not be an antacid.
Businesses require the same type of due diligence. Is your cash flow problem a result of poor credit terms with your customers? Is your receivables problem a result of an ineffective contract, do you offer early payment discounts or penalties for late payments? Are poor sales a result of marketing efforts concentrating on the wrong media outlets, or worse yet, is your product out of date and no longer in demand?
These are areas that should be examined by the business owner experiencing similar symptoms. Denial engulfs many owners who will continue to believe that these are problems and put temporary fixes in place. These are the same businesses that usually end up a few years or months down the road wondering, "What happened?"
To insure long-term success, begin treating the underlying problem and the symptoms will disappear forever.
To Your Success-
To receive a free copy of the audio CD "The 5 Foundations to Business Success" go to http://rgstephens.com and sign up to be on our mailing list.
Rick Stephens is a recognized business advisor and consultant. He specializes in working with small to mid-sized business owners to strengthen their business processes and ultimately grow their business. Rick has been accredited by the Institute for Independent Business, an International accrediting body for senior executives.
Rick holds an MBA from the LeTourneau University located in Longview, Texas.
Rick Stephens is the Principle Advisor of the Consulting firm RG Stephens & Associates located in Plano, Texas. Rick offers business owners the opportunity to meet confidentially to discuss any business issue they may be experiencing. His initial meeting is always free and without obligation. Call him at 972-578-7895.
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