Episode 26: Texas based, restoration and roofing company owner, Kimba Garcia joins Mike and Ryan on the show today to discuss what you can be doing to LEAN out your business.
Every business, hopefully, aims to keep expenses low so that profit remains as high as possible. However, right now, during these weeks of the COVID-19 outbreak, businesses that are struggling and naturally cautious are having to examine expenditures in order to keep things moving.
Right out of the gate Kimba discloses how she combed through transactions in order find $98,000 of savings for this year. It's the very first thing you should be doing, analyzing your overhead, your auto-pays, what's absolutely needed or what can or cannot live with out. The cost can be very minimal but when added up, the savings can be substantial.
The goal should be to stay as lean as possible for as long as possible. Be careful not to expand too fast. Higher revenue isn't always the answer, its the profit that you keep!
Kimba also shares how her company is diversified into a couple different categories but still under the same umbrella. This is especially noteworthy right now as one is deeply dependent upon investor niche and the real estate business vs the other that can still be operating somewhat normal right now. Other important points she noted to help others:
Get REAL with yourself and business partners about where you are, RIGHT NOW, in this climate with finances. Determine your 'HAVE-TO EXPENSES' to make it. Don't be afraid to have the difficult decisions and conversations IF NEEDED in regards to employees and be honest and transparent. Don't stay too lean on marketing budget, it's needed more than ever right now. Use this time, to build relationships, reach out and be proactive. They finish up the show by summarizing what a good leader is doing right now, staying positive, WHEN we all get to the other side of this all of our ships will rise again.
Always stay learning!
Toothpaste references, applicable business advice and more!.....EPISODE 26 - OUT NOW!!!
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