Facing the Cold Hard Truth for Enough Growth

While supporters of the Occupy Wall Street movement complain of excess spending and compensation packages of corporations and banks I have been wondering what is Enough?  Part of question comes from trying to figure out how to protect my business and myself from the financial Aftershock.  To answer this I have to continually be ok with facing the Cold Hard Truth about my particular situation and the economy. To succeed I have to come to Common Purposes with my fiancée, my family, our clients and my staff.

All of these are books I recently read that have given valuable insight into how prevent personal and business financial crises, grow my business and lead into the next few years.  Does my business need to grow to become a large organization like some big box gyms with twenty or more locations? No, but a business does need to grow, evolve and remain profitable as the markets, society and environments change. This growth needs to be done at manageable so that the owner and staff stay sane and don’t have their own meltdowns.

Achieving Common Purpose

The original vision of Lifemoves, locations in at least one Fitness World in each community is no-longer. Fitness World’s new ownership and I were unable to come to agreement in May, so we are looking for new space and a new direction. This new direction has been set (which will be revealed in the appropriate time frame).  Engaging your team in discussions based on the question “what is next?” or “how can we improve?” leads to a two major values: 1. team members feels more valued because they are making distinct positive contributions; 2. the conclusions of the conversations become the common purpose.

On Friday, we had a very productive team meeting at a coffee bar that lead to an understanding of what our long-term goals and challenges are as well as knowledge of the steps needed to get there.

Facing the Cold Hard Truth

Growing up with parents who were both librarians (information junkies) and one who understood the power of databases (he created a school library system) means that I know the intrinsic value of having accurate searchable data. Our records give of an idea of what has happened in the business.  Accurate records enable a business to make appropriate analyses and decisions. Sometimes this data can be chilling.

Last year I hired a couple of new Kinesiologists with idea of floating the hourly rate with the current session fees that my other Kinesiologist was booking until the new hires were fully booked.  That all crashed when the original employee quit less than a month later taking much of that business with them. Action should have been taken a lot sooner to right this situation because it put Lifemoves in a financial hole that we dug out of, but it was an arduous and long task.

As we move from a single location to several remote locations I am thinking more and more about our records management system. How can maintain communications, accurate information and financial control?  I am always aiming to build this company so that we are mobile.  Adding more employees and more locations adds to the complexity of our systems. However we still need to continually evolve our records management system towards Canadian and ISO standards (which I discovered recently) while keeping it as simple as possible.  
Gaining the perspective of your employees also helps the business improve, create new initiatives and understand our strengths as well as our weaknesses.  Although, Aftershock primarily describes the future of the U.S. economy Canadians can still take home a few lessons from it.  The major one for me is how to position my business in the future. Health care will take hit in the coming years however, it won’t be as bad as discretionary spending such as retail. We need to shift further from a fitness company to a health care provider to continue to grow in a “melting economy.”

Figuring Out What is Enough?

Everyone will have their own determining factors for what is enough when it comes to life, money and business.   
  • Enough is being a market leader in several municipalities. 
  • Enough is being able to pay our accounts receivable on time.
  • Enough is being to able people full-time in a career which they are passionate about and in a company that they are thrilled to work for.
  • Enough is being able to provide appropriate benefits for our employees so that they are taken care of.
  • Enough is having zero commercial credit card debt – business and personal
  • Enough is having a flexible work schedule to enjoy recreational pursuits when I desire
  • Enough is being and to contribute more to my community
  • Enough is have $1.00 more than I need.
  • Enough is feeling like my family and I are financially secure and will be secure as we age.
  • Enough is having loving, trusting, mutually supportive and meaningful relationships.

Please share what enough and the cold hard truth means to you? How are you going to protect your business and yourself from the financial meltdown?

References

David Wiedemer, Robert A. Wiedemer and Cindy S. Spitzer Aftershock: How to Protect Yourself in the Next Global Financial Meltdown