; To Win the Race You Must Finish
Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

To Win the Race You Must Finish

VIEWS: 18 PAGES: 3

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.

More Info
  • pg 1
									 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    
								
To top
;