Facing pain points in your business during the CRISIS of 2022

 BY MILLISA NWOKOLO

It was during 2009, and I thought that was a crisis. Never would I have imagined that 13 years later there is yet a far worse crisis in the supply chain.

I called a driver who I have always been fond of, who has been a driver for over 20 years, but just last year he became an owner-operator with his own trucking company. While on the phone for some time and I could hear fear start to creep into the conversation.

I asked him one question, "Do you know your redpoint?" (in his case that was calculated at a rate per mile)?" He said. "No, he had not figured it out".

I took the time to explain what he needed to do and then sent him a spreadsheet that I have used for years.

Do you know your bottom dollar, break-even point and do you know what you need to do to stay in business?

Here are some tips that I believe will help you be empowered and not make emotional decisions. Let's stay focused on growing our business even during this CRISIS of 2022!

5 Tips of awareness to begin calculating your "redpoint".

1. Bank Statement analysis. Export your bank statement into excel or print it off and use two different highlighters. Focusing on income and expense. Narrow down each category. Yes, you might have a P/L (profit and loss) statement, but being coherently aware of what you are spending will help you make evaluate what is a NEED and a WANT.
2. Expense analysis. Create categories of expenses, the must-haves that are needed to run your business, and create a list of things that can be removed or postponed from your budget.
3. Keep your resources focused on Revenue. Any expense that is tied to your sales or revenue needs to be a priority focus point.
4. Calculating Data. Create a daily, weekly, and monthly data point of what is needed to stay in business. Stay away from adding payments to your credit card.
5. Emotion. Avoid painful conversations that will only land you in the FEAR ZONE. Stay focused each day on doing what you need to stay in business.

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