Ep 4 (The Smart and Savvy Exit) The Big Turnaround - A New Direction - Ellen McIlhenny
Ellen McIlhenny - “The Smart and Savvy Exit – The Big Turnaround – A New Direction
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Who doesn’t want to grow their business? It’s crazy to think that anyone who owns a business doesn’t want to grow it. Well, I am here to tell you that this is the time to do it. The question is, are you ready? Conditions for tremendous growth are starting to align. Why is that, and why should you be paying attention.
1. Your possibilities for hiring have expanded.
If any good came from 2020, because many of us have seen that remote workers can do the work, we now aren’t held to any geographical area to hire people. I was talking to a client just the other day, who like many owners has been having a terrible time finding people to work for them. However, because of the nature of the work they have expanded their search and are finding many more possible candidates.
2. Massive amounts of money out there to be spentJust a little over a year ago people began to be very conservative with their spending. Everyone, individuals as well as businesses were hoarding cash. Now that things are opening people are ready to spend. I have talked to several people who are planning elaborate trips because there was no vacation in 2020. Therefore, there is more to spend in 2021.
3. Interest rates are still lowUntil inflation gets too bad (which could be very soon) the Fed has been open to keeping interest rates at historic lows. It’s hard to tell just how long this will be the case, but borrowing money for investment in the business can be a great move at this time. Also, there are record amounts of private equity available if you know where to look for it.
4. There just aren’t as many of us. The sad truth about 2020 is that small businesses took a beating, and many did not and still may not survive. If you are one of the lucky ones who is coming out of this still intact, it stands to reason that you will have less competition. In addition, I think last year made consumers aware of the unfair advantage the big guys have. Many campaigns to “buy local” sprung up during 2020 out of that sentiment. My guess is that those efforts will continue.
We here at IBGR are committed to helping small business owners with questions you may have about running your business. Whether you are just starting, or have been around for many years. We are here for you.
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Show Objectives - The Why
Today we will continue our discussion of my book The Big Turnaround: How bad management nearly destroyed an exceptional company. We will go in depth on one of the major tips that I cover throughout the book.
Today we will cover the chapter “A New Direction”. Then I’ll talk about another main take-away from the book, the importance of doing good modeling and forecasting when taking on a new business venture.
Written by Ellen McIlhenny
Owner of CFO Plus Services, a Fractional CFO services firm which also offers Back Office Bookkeeping Services. Author of the business novel The Big Turnaround; How Bad Management Nearly Destroyed an Exceptional Company. Check it out at https://thebigturnaround.com
You can connect with Ellen on any of her #cfoplusservices platforms or firstname.lastname@example.org
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