Last year, I worked with a small business which was suffering a lot of cash flow problems. Their biggest problem was that they did not have the Time and Patience to go over their budget, spending, and expenses. It was an especially costly problem because the harder they worked, the less money they saw.
Making money was not a problem because they were a reliable, hardworking team with returning customers. The problem was that they did not know how to generate a profit after paying their bills.
I met with them, and went over their expenses. We discovered a few items that cost them $4000 a month, but these were not necessary costs. Just to name a few:
As new business owners, my concern was to reduce overhead costs. We worked together, trimmed any fat (unnecessary spending) of the new business, and brainstormed ways to increase revenue.
It was a learning experience for us both to be more self-interested as a business owner.
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Fanaika Fa'agau Consulting, LLC