Jerry McHale, of McHale P.A. was covered in a story by the Business Observer(Florida) on October 21, where he made this statement:
“Any fool could cut costs, but the trick is to maintain revenue and grow it.”
The quicker a leader learns that the better, because sometimes when things get tough, we must make some adjustments.
If we begin to think this way the challenge is to make our profit margin look good. We continue to cut and cut until not only the employees notice it, but also the people the organization serves.
Of course, this does not mean that we shouldn’t be careful with the money we spend and to teach our people to do the same. This is all part of “thinking like an owner”.
When things are tough, I think it’s better to have brainstorming sessions where we ask our team members to think of all the possible ideas they can to generate revenue.
The results can be refreshing and also rewarding. We may discover ancillary products or services that we never thought of offering to the public.
This was especially true for a lot of companies who were in business during the pandemic. Some of them no longer had sales in the normal areas they would, so they shifted to selling new products and services. Some of them are still into these new fields and doing very well.
LET’S THINK REVENUE, INSTEAD OF COST-CUTTING
1. Hold a brainstorming session soon and explore new venues.
2. Ask your team members what you do not offer now that you could offer down the road
3. Consider bringing in a good client and ask them to participate in this exercise.
4. Start making lists of all the ideas that people are generating.
5. Don’t shut any ideas down. Allow them to express themselves.
6. Ata future meeting start deciding what makes sense to do.
