Answers to the biggest challenges businesses face today
1222_ 6/25/12 - Chris Coughlin started his first business when he was seven years old--it ended when a policeman stopped him and informed him that taking mail from mailboxes to hand deliver to doorsteps in the hope of a tip was a federal crime. Lawn mowing and snow shoveling businesses soon followed. We asked Chris what he felt were the biggest challenges businesses face today. Chris tells us he believes there are two - "One is the uncertainty out of Washington D.C. I don't care how they solve it, everyone knows they have to put more money in and we have to cut spending. But the uncertainty and the growing debt makes someone like me more risk averse." He bought a farm last year - something solid, protection against inflation. Chris said, "I could have hired someone for that investment, but I just felt I needed a little insurance policy, an asset that was always going to be there." The second, "We're in a relatively flat economy. For small businesses, margins are under assault. You know in a growing economy there's more revenue for everybody - that's not the way it is today. So maintaining your margins and growing your revenue are very difficult in a flat economy environment. We discussed "What the greatest opportunities are for business in this environment, and then Larry asked, "Advice to an entrepreneur just starting out?" "Years ago Charles Schwab was asked that question. His answer was, "Take the two biggest things you wish to accomplish and everyday wake up to do every possible thing on those two things before you do one other thing." Chris said, in other words if you have two huge opportunities, don't get distracted by minutia. Do everything possible on the two biggest things, and you'll see your business turn and thrive. Chris gave us a bunch of good advice in this short interview. Check out the Revenue North BizCon, June 27th in Denver.
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LISTEN TO:Chris Coughlin, President, Revenue North
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