Submitted by: Carmen Lobis, Managing Director, CEO Focus

If you have plans to take your company to the next level, there are only two things that can stand in your way: time or money. Actually, they are so inexorably connected that they are virtually the same. If you have adequate control over one then you automatically can control the other.

Conventional approaches typically result in the following facts of business life:

  1. The revenue never comes in when you forecast it.
  2. The revenue never comes in the amounts you anticipate
  3. Expenses always seem to exceed budget.

Given sufficient financial resources, you will eventually achieve your goals and time plays a less important factor. So structuring your finances to allow you sufficient time to succeed is a critical element in the success formula. Since most companies do not have unlimited financial resources at their disposal, time to succeed is often more important since the faster you can achieve success the less financing you need.

Therefore it is wise to address both time and money since we can never be certain which will be the most critical.

Controlling the money issue. Clearly, managing expenses goes without saying; however, managing cash flow also involves structuring your financing properly and knowing the best sources and terms available. In the current environment money is thought to be difficult to obtain. Many business owners are unaware of some of the excellent programs available to them. Getting competent and diverse advice in this area is both critical and easily available. In addition, you need to know how to approach your financial sources and what they are really looking for.

Controlling the time for success.  Business has often been compared to waging war. In many ways it’s more difficult. The enemy never capitulates and when we conquer one another takes its place. Similar to a military action there is a “fog” that surrounds every battle and it’s this fog that impacts our time for success. It’s the things that we haven’t prepared for that delay our success. We can’t totally eliminate the “fog” but we can minimize its impact. First, we can eliminate the common mistakes made by businesses that sometimes can be fatal. Second, we need to have as many options open to us to be able to react to the unforeseen issues that crop up.

Carmen Lobis is the Managing Director of CEO Focus, Delaware Valley. For more information on the above topics, visit www.ceofocus.com, email clobis@ceofocus.com, call 610-358-4034 or attend CEO Focus’ workshop for CEOs and business owners on June 14 at Harrah’s Casino.