It is so easy to blame the bad economy nowadays that its almost expected that your business is going to do horribly. Just because everyone around you is doing poorly gives you an excuse to suck too right?
Well, the past 6 months has been sort of a struggle for us. With the decreased US economy, less spending and the decline of the US Dollar, things could have been a bit better. It wasn’t even that we weren’t producing top notch quality work, companies were cutting their marketing budgets and just not spending as much any more (see, thats an excuse).
As we began to see the flaws within our business, the sooner we began to see the need to prepare ourselves for the unexpected (such as the US dollar tanking). In order to stay on top of the game, we knew that we had to change and that we had to diversify our portfolio and invest in starting up a few local Philippine companies.
John Carlton states that the biggest problem that you can have is that you are making money. When you are making money, you no longer have that hunger and drive and you fail to capitalize on market change in events.
Fortunately, we began to notice this at the begining of the first quarter and we have made some changes since.
I had a friend comment recently, “with so much going on, you must be making hella bank!”
Believe it or not, I originally didn’t take this career path for the money. I chose this route because I wanted to challenge myself and help prepare myself for whatever God has planned for my future.
However, it seems like lately, money has been my only measure of success. When I set goals for my company, I try to keep things simple. I say… in 3 months, I gotta be making this much. in 6 months, I gotta be making that much. Pretty logical right? If you aren’t hitting your numbers, then something must be wrong, right?
Throughout the past 6 months, I have increased my business knowledge tremendously, grown my company from a size of 2 to 20, met a few key individuals and networked like crazy….all this and i fell way short of my projected financial goals.
Ironically, I had a higher net profit during the first year of my auto smog business than what I am making now. Im not exactly going broke, and I am making enough to pay for all of my expenses, but sometimes its a little frustrating when your numbers fall a bit short.
According to one of my favorite authors Jim Collins, great companys dont get bound by whatever external factors get thrown your way (bad economy, real estate market crash, dollar is sucking). Instead of placing blame on why their numbers are down, they get off of their butts and figure out what they can do to change things around.