Cash is King. We all know: no cash, no business
I am reminded of a sign on my desk:
Every problem has a solution and a cause. Unless we find both, our job isn’t done.
Just as we tell our MD about our symptoms and (s)he prescribes diagnostic tests, leading to a treatment plan, ask the business doctor for a diagnosis.
Raising more cash by borrowing or investing more personal assets into the business may only be a temporary solution because if we don’t understand the cause, it may occur again.
What are some of the underlying causes of cash shortages other than too few sales and what to do about it? Overhead too high, gross profit is lower than industry averages, customer dissatisfaction and employee dissatisfaction are just a few of the many possibilities. So how do we know what to do about it?
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