Have you experienced tough financial times in your business? Let’s face it… you either have faced challenging periods or you will, and that is simply an inevitable chapter that every will be in every business owner’s career. In today’s episode of Business over Breakfast, Bree James and Andrew Griffiths will teach you how to survive when your finances are lean. By telling you how to identify what mistakes lead to rough waters managing your money and sharing how you can overcome these problems, Bree and Andrew will help make sure your business navigates the hurdles so it can thrive in the long run!
In this episode, the show welcomes Bronwyn Reid to share her wisdom about tackling the enormous stress of leading your business through serious financial downturns. She is an award-winning entrepreneur, speaker, newly found author, small business mentor, and particularly known for her strong business and community engagement roles in regional Queensland, yet she, like all others, has faced drastic financial drops in her career of over 20 years. Bronwyn provides us with helpful coping mechanisms for business owners to get through any period of battle, with a few scars, but stronger.
We also discuss things like:
- Complacency as a leading cause to future money troubles
- The things that business owners do to themselves to inflict financial harm
- Why denial or cutting off communication is a warning sign
- Reaching out for help and seeking guidance when you need it
- Having a rainy day plan prepared at all times
- Address issues or red flags immediately to be proactive
- The reason why you must communicate struggles with your suppliers but not your clients
- Why you need to be strategic when cutting costs
- Keeping one eye on the now and one eye on the future
- Reflecting on mistakes made to prevent them from happening again
- Learning to read the warning signs early
- Ingenious businesses from around the world