My wife and I acquired a business out of an article 9 sale and have been quite busy with many of the management duties. She has been meeting with vendors and signing contracts, while I have been spending evenings paying bills and tracking the finances worrying about having enough money every 2 weeks to make payroll.
All told, we are probably spending about 20 hours per week between the two of us. Now it has slowed down a bit recently. January and February were quite busy setting up many of the new systems, dealing with health insurance etc so we were spending even more time (up to 30 hours in a week some weeks). We are hoping that establishing some patterns will free up some time so that it can trim down to about 10 hours. We should start tracking it more closely in April so that we know for sure.
But I can’t help but think of the prior owner and all the extra non-revenue producing activity that had to be spent just to keep a small business with two other employees going. I have a feeling that might be one of the reasons that the business ended up in some financial difficulty. Now that my wife and I are assuming this burden, more time has been freed up for the site manager to go out and solicit business.
I think that is why January was one of the top 10 months for revenue in the past 15 years. February was what seemed like a lot slower, but it was in reality about an average month. We should still be able to keep the doors open with a month like February. And now March has picked up again and new orders in the first 7 business days are 80% of February’s total.
“If You Stop Tracking, You Start Slacking”
This is a quote from my personal trainer. I starting tracking everything I eat and have been shooting for about 2,000 calories per day. Simply watching it so closely has helped me to lose weight already.
The same can be said for finances (or anything in life). Because I am tracking the finances of the business so closely, I can minimize expenses and allow the manager to maximize revenue and sales. I really think that freeing his mind of all the business worries has allowed him to be more productive and have a better attitude in order to feel motivated to make sales. I really doubt that the economy has been that much stronger this year than last.
Well because I have been focused on this business, my blogging has slowed dramatically. I noticed that I didn’t even post a single article for the month of February. Forgive me for that, but I really think that my efforts are better spent elsewhere. This is actually the first time I have had a small block of uninterrupted or unobligated time since I was stranded in Chicago’s Midway Airport in January trying to get out on a golf trip. Now it is snowing again, so my golf season will have to wait a bit longer.
As always, thanks for reading.