1st Quarter Self Assessment
The end of the first quarter of 2014 is upon us. It’s time to evaluate your business goals against actual performance. If you wrote your goals down as was suggested in Are You Better Off Today Than You Were A Year Ago?, you have the means to objectively analyze where your business stands and what you achieved over the first three months of 2014.
If you exceeded your goals, analyze why:
- Were you too conservative when you established them?
- Did you line up your resources properly and did everything else fall in place?
- Did you get lucky?
Fun fact: do you know what the definition of Luck is?
Laboring Under Correct Knowledge – people make their own luck by being prepared!
We advised on hiring retired executives to assist with growth plans, using temporary employees to fill gaps upon receiving that larger contract and lining up financing or funding through a company like Capstone Business Funding, LLC. With these three tools at your command, you should have met or exceeded your goals.
For those of you who have not met your goals for the first quarter of 2014, let’s analyze why:
- Were you overly optimistic with the establishment of your goals?
- Did you line-up the proper resources to succeed and to accomplish the goals?
- How close or far away were you from achieving your goals?
- Did you line up the staffing and funding to support your growth for cash flow?
The key here is NOT to get discouraged, but to be honest with yourself and fix the obstacles that are holding you back immediately.
Today Capstone received a call from a subcontractor, and we would like to share the story here:
Back in October 2013 when Capstone first met this subcontractor, we discussed the establishment of a funding facility through accounts receivable factoring to support his growth. He was anticipating the award of a few government contracts. This subcontractor was successful in obtaining the contracts and started the jobs however he has unfortunately run out of cash.
Part of this subcontractor’s strategy is the exact formula for success – he probably worked for several years to convince the general contractors to develop confidence in his ability to deliver. The contract awards were received and there was appropriate staffing for the project however he failed to line-up a funding facility.
Now, guess what his next move was? He called the office in a panic and asked how quickly Capstone could put a funding facility in place using his accounts receivable to factor. Capstone will move as quickly as possible to support him, but it’s more important to take a look at the added stress this subcontractor has taken on because he did not plan properly.
Construction and Professional Services jobs are leading the economic recovery. Many of Capstone’s clients are taking advantage of this growth. Where do you stand?