How do Great Leaders Teach Their Team to Problem Solve On Their Own?
Last week we talked about three sessions we'll have at GROW! 2023 that will help to make your company stronger so you're ready for whatever 2023 throws at you. This week, I wanted to dive a little deeper into what we can do to strengthen our businesses' financial position in 2023.
Your company's financial health and impacts your overall stability and your ability to reinvest in your team and in the people, equipment, and support they need to be successful. No matter what is going on outside of our companies, there are some things we should be doing and paying attention to. This is true in all areas of our business, but financially we recommend you:
- Have a good relationship with your bank. Your bank should be able to help you maximize your cash on hand, finance any new purchases, and make the best decisions for your particular situation.
- Evaluate your business mix. Take a good look at the performance of each segment of your business: what is the most profitable and least profitable work you do? What reoccurring revenue do you have? Prioritizing more profitable and reoccurring work is usually smart for companies, but it can depend on your market too. As you look at your plans for 2023, ensure you're taking this data into account.
- Think about how you're spending any nest egg you've saved up. Many companies we work with are flush with cash now, which is great! If that's your situation, we'll have many sessions at GROW! 2023 dedicated to helping you spend, or continue saving, smartly.
- Weigh your risks. Everyone manages and tolerates risk at different levels, but being aware of all risks will never be a bad thing. As you look at your company's financial picture, are you comfortable with the risks you're taking? Do you have the right partners, in a banker, accountant, and other team members, to help you navigate it? If not, spend the next week evaluating the situation and creating a plan to fix it.
Vince Torchia, Jennifer Murray, Liz Helton, and Tommy Cole will all teach sessions at GROW! 2023 on February 28-March 2 in San Antonio, TX that are dedicated to helping owners and their teams understand their finances and make smart decisions with the data in front of them.
Math and finance were not my favorite subjects in school, and I know that's probably true for many of you too. But these four do a tremendous job of teaching in a way that makes finance interesting, easy to understand, and approachable for anyone. I learn something every time I listen to them.
Have a great week!
President & CEO
The Grow Group & Grunder Landscaping Co.
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