Have you ever heard of the Kit-Cat® Club?  Our friend and owner of ComedySportz Improv Theater, Christine Walters, recently spoke about her Kit-Cat Clock. 

Kit-Cat Clocks have been around since the 1930s when they became popular during the Depression because they entertained folks during difficult times.  Many people have wonderful memories of those clocks in their homes while growing up and those same people continue with the tradition today.  The Kit-Cat Clock remains popular with many new, flashy colors and its own website:  http://www.kit-cat.com/kitcathistory.htm

Along with the entertainment factor, the Kit-Cat Clock has become of symbol of optimism espousing the following creed:

While we might not be able to make everyone around us smile, we can certainly go the extra mile to remain positive in light of the challenging times surrounding us.  A great lesson to learn from a sill cat clock! 

Another great way to stay positive to visit the ComedySportz Improv Theater for some family-friendly improv fun!  http://www.comedysportzrichmond.com/

Concerned about the economy?  Please visit this fun video from our friends at Madison & Main...

http://www.youtube.com/watch?v=_hDlaGd5_78

Our good friend Sandra Kozusko of CFO Professional Services, PC spoke at the Chesterfield County Chamber luncheon last week.  She spoke about a topic near and dear to the small business owner's heart, keeping a competitive edge in a sluggish economy,  Not that I am saying we have a sluggish economy or anything!

We at The Growth Coach heartily concur with Sandra's perspective, that it is important to know your numbers in order to remain competitive.  She equipped the audience with "4 Knows" that each business owner should know about his or her business.  Here goes:

1. Know where you are making the most money then perfect it.
2. Know what marketing avenues have given you the greatest ROI and keep doing it! (Don't cut marketing expense to zero!!)
3. Know where you can cut expenses and cut now.
4. Know where you stand on your year-end taxes today.  Don't wait and be surprised with a big tax bill or miss opportunities for deductions.

This is great advice.  I would all one more "know" that is:

1. Know your receivables and manage them aggressively.

I find that my most successful clients know their numbers and manage to their numbers.  Determine the key metrics for your business and keep a close eye on them - especially during sluggish economy.  Your Thoughts?

Please visit CFO Professionals at http://www.cfoserv.net/   They provide accounting solutions for small businesses.

I was driving through Washington DC the other day and listening to talk radio when I heard an ad for the Ready.gov website.  I think you should check this out:

 http://www.ready.gov/

This website outlines programs, plans and actions both families and businesses can take to prepare for a potential disaster whether it be natural or man-made.  Disaster planning takes on additional importance as we come into full hurricane season.  We also must consider our need for preparedness and constant vigilance as a nation to protect ourselves from terrorist attacks.  Visit the Ready America section which outlines the items needed for a Basic Emergency Supply Kit.

Then visit the Ready Business section especially if you work in an office, away from home and you have employees.  What would you do if you and your employees were trapped in your office for some period of time?  Do you have a store of non-perishable food and water to hold you for even a day?

http://www.ready.gov/business/_downloads/readybusiness-brochure.pdf

This is a thought-provoking and action-oriented website about a serious topic.  I recommend it highly.  Your Thoughts? 

"Work Less, Give Your Customers Less... and Succeed ..."

What?  You know this article caught my eye - anything with "work less" in the title catches my eye!  But, give your customers less?

Check out this great article on the Harvard Business school online publishing site about a company, 37Signals, that produces software products with fewer features, employs fewer employees who work fewer hours and is led by owners who reject growth for growth’s sake:

http://discussionleader.hbsp.com/taylor/2008/06/why_37signals_works_to_one_dow.html

37Signals' key performance metric is profit per employee which is a metric I think all business owners should track. 

Another bit of great advice:  “Don't hire people,” they implore in Getting Real, their Web-based book that is chock-a-block with great advice. “Look for another way. Is the work that's burdening you really necessary? What if you just don't do it? Can you solve the problem with a slice of software or a change of practice instead?”

I haven't downloaded their book yet but if anyone does, please let us know what you think of it.

Remember, we are not in pursuit of perfection.  We are in pursuit of excellence.  Your Thoughts?

The very first thing a new business owner should do, after putting together their business plan, is to develop an exit strategy.  Ask yourself 3 important questions:

• When do you plan to exit your business?
• How do you plan to exit your business?
• What value do you want your business to have at time of exit?

Even if you don't know the answers to these questions right now, it's important to begin to ask yourself these types of questions and begin to sort out your answers. 

I found a great article on Entrepreneur.com that details 5 potential exit strategies for a business owner to consider.  Take a look:

 http://www.entrepreneur.com/management/operations/article78512.html

So, what are Your Thoughts?  Is your exit strategy in place?