I get many calls from business owners who want to correct a problem they are having usually related to a lack of revenue, a sales slump, or an under performing sales team. In all cases, changes need to take place - usually sooner rather than later. It might be better training, product improvement, increased marketing effort or sometimes a personnel change. All this takes some hard thought, some thorough investigation and often additional funding to retain an outside professional to help with the process and make the changes.
Many people choose to wait. But why? What is the cost of waiting? Think of all the things we put off because we are fearful. Afraid to spend the money, afraid to take the time, afraid of making the wrong decision. It’s never a wise choice to wait to improve anything. Every day you operate a senior community under your budgeted occupancy you cost your company thousands.
I recently did the math for a client with an ineffective sales team. They have 24 buildings. If every property realized one more move-in per month, it would mean an additional $96,000 dollars per month in revenue! They are still discussing what the problem might be; spending hours on conference calls discussing possibilities, having meetings about the business instead of doing the business, trying to discover the least expensive or least painful way to make the changes - all the while losing thousands.
We all know that it is more powerful to start investing for retirement at twenty-five than waiting until fifty-five and that it's better to buy life insurance when we are healthy. If you pass away suddenly and have no end-of-life plans, the cost can be enormous both emotionally and financially. If you have health issues and you don’t treat them, they will worsen at a great price. House and car repairs are less expensive when fixed immediately. Since we know these things, why would anyone wait to invest?
In business, waiting always comes with a price. While it is sound advice to think hard when making a smart decision, don’t linger. Your biggest competition is the status quo.