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By Holly A. Magister, CPA, CFP®

Not long ago, one of my dear friends abruptly stated “it’s not about you” after patiently listening to my long story about a business relationship which changed, without warning. I just love this friend and how she was able to candidly share her observation which has proven to be brilliant and incredibly powerful.

Since this conversation with my friend I have given much thought to what she said to me in the context of my situation and have found many more instances where the statement applies perfectly!

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By Holly A. Magister, CPA, CFP®

Why would you pay attention to something which is becoming irrelevant?  You are busy.  Really busy. 

I believe that paying attention to those things around you which are becoming irrelevant may reveal something which will save your company from failure.

Just last week, the U.S. Post Service announced a massive layoff of its workforce for the first time in its history.  Why did this happen?  It is not because the U.S. Postal Service operated an inefficient business model.  In fact, I would argue the U.S. Postal System is one of the most efficient business models in our country.  Could you find another business that could deliver your Christmas Cards and letters sent from Maine to California for 44 cents? 

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By Holly A. Magister, CPA, CFP®

When we looked closely at your company’s gross revenues in our Money on The Table post, Pareto’s Principle (80/20 Rule) Applied to Women in Business, a few weeks ago, it became clear that sales made to all   customers/clients fall into either the 80% or 20% category (below or above the Pareto’s Principle line).  Specifically, those customers/clients who appear above the line   usually   number about 20% of your total, yet they produce 80% of your business’s profit. 

This reality can be quite scary, especially   when you consider the flip side of Pareto’s Principle.

Think about it for a minute. It’s very likely that the majority of your activities, and consequently your company’s resources, are dedicated to producing a product or service for that part of your customer base that offers little or no profit (the bottom 80% of customers that produce only 20% of your profit).  To more fully understand this, it is good to look at the average gross revenue for each of your customers/clients on a yearly basis.

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By Jane and Scot Noel, Computers Made Easy, Inc.

Is bigger truly better?  Does the size of your website affect how Search Engines like Google, Yahoo, and Bing see your site?  Do potential customers care if your site is big or small?  The answer to all of these questions is "YES!" (as long as the extra size is put to good use). 

The Psychology of Size

Apart from any other factor, a small website makes your company look small.  If you run a local pizza shop, a cover page and a menu may be all you need.  But if your company manufactures industrial gauges and electronic instruments, a one-page "line sheet" with a few product pictures is a bad idea.

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By Holly A. Magister, CPA, CFP®

Before I share with you part two of my story about my own need to execute the business continuity plan as a result of my sudden and extended illness, I want to thank those of you who reached out to me to express your concern for my welfare.  Thank you.  Truly, I am doing very well and I very much appreciate your good wishes!

As I shared in my last blog post about business continuity planning, the need for a woman in business to plan carefully for a possible unexpected interruption to her business is real.  Things happen.  And when they do, you have no way to go back and say, gee let’s get this or that in place…It’s simply too late.

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