VIEWS: 18 PAGES: 3 CATEGORY: Engineering & Energy POSTED ON: 6/11/2010
If you listen to old fogies like me long enough, you'll no doubt hear us say, "back in the 1900s it got so bad. . . how bad was it?" Then we'll wax on about paying prime plus 1 percent when prime was 21.5 percent. The truth is we didn't wind up paying it because we didn't have any money left. The banks we used accrued interest due on construction loans for a little while but had to stop because they knew we wouldn't be able to pay it.
ON YOU R BUSI NE SS To Win the Race You Must Finish By Mike Weiss, CGR, GMB, C A PS t appears those who pre- the things one can and probably ers say they are cutting back on bad as it is now, everyone knows I dicted the recession would get worse before it gets should do to survive. If you listen to old fogies like days that people are working, sus- pending benefits and bonuses and other considerations to keep up what you’re going through. If they were happy with you before, they will understand and believe you. better either knew what me long enough, you’ll no doubt they were talking about or were hear us say, “back in the 1900s with their workforce payroll when There is a tendency with some just using the law of averages — it got so bad… how bad was it?” realistically it will do no good. You to act as though if they can’t have after all, Columbus was looking Then we’ll wax on about paying are going to crash. If you are no all the bells-and-whistles, they for the East when he found the prime plus 1 percent when prime longer paying yourself as the prime can’t make it — bull feathers. You West. The concept doesn’t seem was 21.5 percent. The truth is we mover of the company so you can can still cut a 2x6 with a handsaw to have caught on as a research or didn’t wind up paying it because pay others, you may have to clear and drive a nail with a claw ham- business model, however. In any we didn’t have any money left. The the fog off the mirror to survive. If mer. It may not be as fast or as case, it is getting worse, and it banks we used accrued interest due the company will not survive with- fun, but it keeps you building so might be time to look at some of on construction loans for a little out you, then you are the one who you can finish the race. while but had to stop because they knew we wouldn’t be able to pay it. I threatened a banker by tossing three sets of house keys on his desk These are times that require radical and said, “I’m done, either give me measures, innovative survival some slack or you finish the damn things!” techniques and stern discipline. When we really get cornered, the first thought is self-preservation, and the emphasis is on the self. should get paid. Think about it, Are you still planning? Are There are too many “pretty good” without you there is no company. you looking out into the future companies out there now that are With you, there is at least hope for even for a couple of months so stubbornly holding on to people another day. that it won’t be a surprise when it they can’t afford because they don’t For many years, my company gets worse? want to let them down; no one
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