Cutting Losses

 

Over the next Several Weeks we will be posting a new and different one-minute video providing business tips and instructional commentary for small business owners.   These tips will range from key metrics to consider to the importance of Business and Cash Flow Forecasting.

Matt Young, Jack Clark, Edgar Renteria and Julio Lugo are just a few of many examples of Red Sox Free Agents that didn’t work out.  Most baseball experts would argue that the Red Sox didn’t want to admit they made a mistake and kept these players too long.  The Red Sox didn’t cut their losses.

My name is Michael Barbarita from Next Step CFO with the Know Your Numbers Minute.  

Many business owners keep unproductive employees way too long.  The proper strategy is to put together an exit plan for these slackers as fast as possible and cut your losses.

The moral of the story.  Hire Slow meaning take your time on the front end and Fire Fast and cut your losses.

And remember, the most successful business owners know their numbers.

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