Jim Blasingame

Business futurist, award-winning author, speaker and columnist

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Management Fundamentals

A big black bird is coming at you. Are you prepared?

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What do a rock, a flea, and a plate have in common with a small business? Hint: they’re all associated with surprise and danger. Any ideas?

Here’s another hint: a bird is sometimes used to refer to them. Anything yet? Okay, I’ll stop.

The rock is the dinosaur-killing asteroid that slammed into what is now the Gulf of Mexico 65 million years ago. The flea contributed to wiping out half of Europe during the Dark Ages. The plate was the tectonic kind that slipped on Boxing Day 2004, creating the south Asia, 9.3 megathrust earthquake and tsunami. And that small business? Patience, grasshopper. I’ll get to that in a minute. But first, about that bird …

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Seven ways to cut yourself some SLACC in 2020

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People make New Year’s resolutions all the time. But do you know anyone who actually kept one? OK – one person. But that’s the guy who reminded the teacher she forgot to assign the homework.

Knowing how impractical – bordering on futile – resolutions can be, there’s a different way to kick off the new year in your business. I call it Strategic Look At Critical Components, or SLACC, for short. So, instead of getting all bound up in annoying resolutions, just cut yourself some SLACC.

SLACC works when resolutions don’t because it comes with three things essential for effective change: a purpose, a plan, and measurement.

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Four business lessons I learned on the farm

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Growing up on a farm provided many valuable lessons that have transferred beautifully to my life in the non-farming marketplace. Here are four of those timeless and universal lessons.
 
The Application of Patience
In civil society, patience is respected as one of the great virtues. Who hasn’t heard the admiration, “The patience of Job?” But in the marketplace, patience is half of a powerful paradox because of its alter ego – impatience.

Impatience can be a problem – everybody knows that. But not when it morphs into urgency, because in the marketplace, urgency is not only good, it’s essential. Knowing how to transmogrify impatience into urgency is a lesson we can take from the farmer.

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Spring cleaning for small business – in December

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“What’s the best use of my time right now?” is the abiding management question out here on Main Street. But at no other time of the year are we more time-management challenged than in December.

The reason is because the twelfth month is the only one where two powerful imperatives converge against a hard stop, each demanding a full measure of your time and resources: 1) The perennial push to close out the sales year as strongly as possible; while 2) simultaneously taking steps to set the business up for a fast and clean start when the New Year dawns on January 1.

Pardon the sports metaphor, but in the marketplace game your business plays all year, December is the two-minute drill of your fourth quarter. And in this tight transition period, that fierce competition for precious time and resources requires discipline and devotion to fundamentals.

Our grandmothers practiced the fundamental of spring cleaning when the weather broke warm. In the marketplace, in order to kick off the New Year right, your spring cleaning should happen before then. There are many targets of a business’s December cleaning, but here are five important ones to get you started.

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Revealed: Financial Mysteries Four and Five

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This is the last of a three-part series covering what I call The Five Financial Mysteries. The first three Mysteries were about the relationship between cash, accounting, and profit.

In this article, I’ll complete my attempt to help you avoid becoming part of the business failure statistics. If you haven’t seen the first three Mysteries, be sure to look for the previous two articles nearby. Now, buckle up as I reveal Financial Mysteries Four and Five.

Financial Mystery Number Four
You can get squeezed between vendors and customers.

Vendors and customers are the prime entities you deal with financially every day your business is open. Understanding your relationship between these two – literally between, because your business is in the middle – is the key to cash flow management. The way to avoid getting squeezed is by managing your Accounts Receivable (A/R) Days and Accounts Payable (A/P) Days. Warning: This will get a little mathy, but not difficult IF you have current records.

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Revealed: Two more of the Five Financial Mysteries

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This is the second of three articles on how to prevent your firm from becoming part of the increasing mortality statistics of U.S. small businesses. That’s right. The SBA reports that 50% of small businesses fail in the first four years, instead of five years, as they reported 20 years ago.
 
In this series, I’m revealing what I call the Five Financial Mysteries. Actually, they shouldn’t be mysteries at all – they’ve been around for generations. But with this much Main Street carnage – a 20% increase in startup failures – it’s obvious to me that a lot of people haven’t learned what you must be able to do to sustain your business: fundamental financial management.

If you think you’re an excellent financial manager, then you won’t find any mysteries here. But if you think you could use a little help with your financial management, then this series could be just what you need. Don’t worry, we won’t get too mathy.

In the previous column, the First Financial Mystery was revealed: Cash and accounting are not the same things. Today you’ll discover the Second and Third Financial Mysteries.

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