Page 60 - AVN December 2013

Meet with your accountant, your attorney, and other
key advisers.
These specialists almost certainly know things you don’t. Their perspective can be
extremely valuable to an entrepreneur who has been chained to his or her desk all year
(and, as a result, is out of touch with changes in the external business environment).
21.41.93.7 7.78.84.5 0.35.86.0 Planning for a future you can’t predict is part of a business owner’s job, and these
advisers can help you gather the information needed to get the “lay of the land” and
make smart decisions.
6 6
“Ask each of them, ‘What are the three most important things I need to know right
now?’” suggests McBean. “In fact, you might pose this question in advance of the
meeting so they will have time to think about it and won’t just give you an off-the-cuff
answer. Then you can factor their feedback into your plans for the upcoming year and
beyond.
“Successful businesspeople have a good grasp of business in general,” he adds. “By
regularly touching base with important members of your larger network, you are educat-
0.0.0.100 0.0.0.75 0.0.0.50 ing yourself on the various aspects of the business world beyond just your industry.”
0.55.74.0 0.93.97.0
0.0.0.25 0.0.0.10
it for as long as you’re at the head of your business.
If you take your f ocus off the market, c ompetitors
”You must develop a warrior mentality and maintain
Set some realistic goals for next year. Then, dial up the ‘aggression factor’ just a little bit more.
50.0.100.0 25.0.100.0 0.0.100.0 25.100.100.25 100.0.0.0
will step in and take what you have worked so hard
In other words, aim high. Don’t be lulled into complacency or let the continued talk
of doom and gloom handcuff you. You might be okay now, but that doesn’t mean
f or. It’s just the law of the marketplace jungle.
you will be tomorrow and you have to keep pushing the market. Every company has
competitors, and if it doesn’t and it’s successful, it soon will. Successful owners know
they have to fight not only to win market share but to retain it as well, says McBean.
“I always say that the marketplace is a war zone,” insists McBean. “You must
Kick off a cost-cutting, gross-profit-building mission.
develop a warrior mentality and maintain it for as long as you’re at the head of your
business. If you take your focus off the market, competitors will step in and take
7 7
No one knows what the future holds. But it’s a safe bet it won’t be “smooth sailing.” More
85.047.0 0.0.0.100 0.0.0.100 0.0.0.100 0.0.0.100
what you have worked so hard for. It’s just the law of the market place jungle.”
likely “choppy waters filled with sharks and the occasional iceberg.” When tough times and
This last point is perhaps the heart and soul of McBean’s philosophy. To succeed
financial uncertainty loom, it’s always a good idea to have some cash on hand. And, one of
and to stay successful, companies must be “on their game” 24/7. And that warrior
the best ways to create cash is to find added gross profit and at the same time cut some
mindset begins and ends with the business owner.
s
expenses. That said, McBean suggests you ask yourself: What expensive mistakes did we
“Being an owner has its ups and downs, just like most things in life,” says
8 8
make last year? How can we avoid them next year? And what can we do to build up the
McBean. “But it can be an immensely rewarding career, especially if you do a yearly
cash cushion that might help us get through any market corrections or uncertainty?
check-up and prepare yourself and your business by building on the success of 2013
“I’m not recommending knee-jerk reactions like massive layoffs or switching to inferior-
and prepare yourself and your business for 2014 and beyond.”
quality materials,” he clarifies. “Don’t cut out the wrong things, but do look for smart, well-
thought-out ways to save money and start building up your cash cushion. Think about Ford
Motor Company. Years before the 2008/2009 credit crunch, they
began to restructure their debt and build up their cash reserves.
So when their competitors needed bailouts, they didn’t.
That’s what smart planning can do for
you. We all have heard ‘Cash is
21.41.93.7 7.78.84.5 0.35.86.0 king’ and it is, especially when
it’s there when you
need it.”
FEATURE
0.0.0.100 0.0.0.75 0.0.0.50 Bill McBean is the author of The Facts of Business Life: What Every Successful
Business Owner Knows That You Don’t (Wiley, October 2012, ISBN: 978-1-
1180949-6-9, $24.95, FactsOfBusinessLife.com). A graduate of the University of
Saskatchewan in Saskatoon, and Mount Royal College in Calgary, Alberta, Bill began
0.55.74.0 0.93.97.0
his career with General Motors of Canada Limited in 1976. In the 1980s he opened
his own automobile dealership in Yorkton, Saskatchewan, beginning with ten
employees. Over the next decade, Bill grew the Yorkton business into one of the most
profitable GM dealerships in the region and then expanded with another dealership in
the United States. In 2003 he sold the company to AutoNation, the world’s largest
automotive retailer.
He is currently general partner of McBean Partners, a family-owned investment
company. He is also partner and chairman of Our-Mentors, a company that works
with owners to improve their businesses for long-term success, and Net Claims Now,
which provides companies in the restoration industry with invoicing, accounts
0.0.0.25 0.0.0.10
receivable collections, cash flow services, business coaching, and business lead generation
services. The Facts of Business Life is available at bookstores nationwide, from major
online booksellers, and direct from the publisher by calling (800) 225-5945. In
Canada, call (800) 567-4797.
60 | AVN.com | 12.13