Retailers Forum Magazine - October 2023

FORUM WORKSHOP
Are you doing business on trade? Have you
sold an enormous amount on credit and failed
to collect? Have you expanded so fast, or hired
so many people, that you are short of cash –
are unprofitable?
What are you doing? Stop doing it! Cut back.
Mend your ways and get back to business. The
purpose of business, remember, is to make
money.
DON’T DELEGATE
MANAGEMENT CHORES
forumworkshop
As your business grows and your bottom line
tells you that you have money available to hire
help, be careful which chores you delegate. If
you are your companyʼs best salesperson and
dislike management – hiring, firing, bidding, collections,
keeping
track of and managing
cash flow and
credit – you will be
tempted to hire
someone to do
those chores. You
see them as chores,
and as such you
wonʼt assign the responsibility
that goes along with the chores, just
the chores. The “chore” is writing figures in a
ledger, or typing numbers from sales contracts
into a computer then printing out aging charts.
The “responsibility” is the power and authority
to decide when and how to use the money that
flows through your company. Youʼll still want to
do that part, but youʼll begin to do it part-time,
which is not often enough. continued..
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Page 40 OCTOBER 2023 | RETAILERS FORUM MAGAZINE