Channel Eye has joined forces with Royston Guest, leading Business Growth Coach and CEO/Founder of Pathways Global, in our column, ‘Ask the Business Coach’.
My intrigue as to why some businesses thrive and others don’t has been with me all my working life.
When buffeted by turbulent events and prevailing headwinds or hit by enormous, fast-moving forces that they can neither predict nor control, what distinguishes those successful businesses who perform exceptionally well from those who underperform or, worse, go under?
The big three takeaways!
- Performance and productivity will take time to build back up.
- Cash is the is oxygen that keeps a business alive.
- Manage your overheads, including your debtors.
Episode timestamps
- [0.46] More businesses go bust coming out of recession than they do going into it or during it. Why? Because they over trade/over gear. They accelerate too fast, trying to get their business back to the levels they were. Performance and productivity will take time to build back up.
- [1.56] During the pandemic, most businesses burnt a lot of their cash reserves to survive, but cash is the oxygen that keeps businesses alive. Most businesses go bust because they haven’t got enough cash.
- [2.55] Manage your overheads; look at your cost base and keep it tight. Manage your debtors and creditors.
Do you have a question for the Business Coach?
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