As I’ve mentioned earlier, we’ve been involved in several home improvement projects. Well, we think that they are improvements. Let’s be safe and call them home renovation projects. We wrapped up the lion’s share of the basement remodel this weekend. Finished the drywall, applied the texture, painted, installed the bead board, trim and baseboards, hung a new door, ran some new lights, replaced some new outlets, etc. Exhausting. During the finish work, my two-year-old boy decided to help by sitting with me as I installed some trim. He picked up a pair of wire cutters and somehow clamped the cutting end down on his index finger. He was scared and in pain and just kept squeezing the handle. I was able to snatch up his hand and remove the cutters. Thankfully, they didn’t even break the skin. I use those wire cutters to snip off nails and his finger could have been in jeopardy. How do you explain to a toddler that there are times where you have to release your grip to get control of a situation?
How many of us have felt like things were out of our control? We respond to pain (lack of sales, lack of collections, increased employer costs, etc.), fear (poor economic indicators, customers going out of business, credit sources disappearing, etc.) and other external stimuli. In those situations, it is common to lock onto anything you can grasp in a death grip. However, that is generally not the right solution. Your business cannot control the flow of the economy, but it can, and must, find the currents and exploit those natural movements to reach its greatest potential. It is during these times of strife where it is critical that a business work with their trusted advisors to examine the strengths of the business and where its strength can be improved. Can we improve our collections on our accounts receivable? Do we have any leverage regarding our outstanding debt? Are we insulated from our partners and joint ventures? This process is easier and quicker if you already have a trusted advisor network in place, but it still must be done. Every business needs to have someone they know who will spend the time necessary to understand the business, the objectives, and the specific challenges the business faces. This advisor can help you see the strengths and areas of improvement and help you cope with external stimuli. This advisor will help you unclench your fist.
