The first step to building a financially successful business is knowing the financial blind spots. In my professional experience, I see a repeating pattern that the majority of businesses regardless of their size – have a blind spot. Despite the best intentions to observe the ever-changing world around us blind spots can quickly take businesses off the growth track, even as we work harder and harder.
Most statistics show that about 82% of businesses fail due to poor cash flow management. Many have poor money management skills and have a mindset that they don’t want to save money because culturally we live in an extremely wasteful society. However, the ability to reduce cost is as important as the ability to increase sales. just because you are making good money doesn’t actually mean that you are profitable. Typically this blind spot doesn’t become troublesome until the revenue slows down but the spending does not.
Follow The Blind Spot Money Talk Podcast if you are a small to mid-sized business owner, thinking about starting a business and/or executive decision-maker. We discuss various subjects to help businesses identify their possible blind spots. It is my passion to make a difference, identify blind spots, and seeing positive results. I have observed that broken processes, mismanaged suppliers, poor negotiations, busy unappreciated employees bleeding money from the bottom line while hard-working efforts are put to increase the top line.
Your Savings Pro is here to make a difference for your business. Submit “topic” suggestions so we can address your pain points in the future upcoming episodes, email suggestions to email@example.com
Podcast host, Meru Hunter McMahon