Rhondalynn Korolak

Rhondalynn Korolak

Did you know that inventory is one of the great hidden costs of business?

Business owners should understand its importance of keeping it under control.  Visit http://www.financialforeplaybook.com  for more on this story…

Is Inventory Killing Your Business?

Did you know that inventory is one of the great hidden costs of business?Very few business owners understand its importance and the significance of keeping it under control. Inventory ties up your cash while providing little benefit to revenue – until the items are sold.  Excessive inventory can weigh a business down and ultimately lead to revenue losses.

Excess inventory is so often the primary cause of cash flow problems that it is worth your time and effort to consider how your current stock holdings are affecting the health of your business. And it’s why you should have a clear understanding of how much inventory you have, how much you should realistically have, what it’s worth today, and how old it is. 

Every time you buy stock for your business, you should see the purchase as an investment. Like any other investment, you should expect it to provide you with a financial return in a short period of time.  If there is a significant gap between when you buy the goods and when you turn them into cash by selling them and collecting the money, you need to re-assess the value of your investment. 

When you spend before you earn you are effectively taking out a loan for the intervening period. Very often this will require a ‘real’ loan from some sort of finance company, a delay in paying suppliers or a delay in paying yourself.  If you want to improve the cash flow and health of your business quickly and without spending a dime on advertising, take some time out today to review your stock levels and get rid of excess inventory. 

 

 

Rhondalynn Korolak, Author of "On The Shoulders of Giants"

Rhondalynn Korolak, Author of "On The Shoulders of Giants"

Many people ask me whether travel phobias – fear of flying, boating, automobile travel etc. – are justified or irrational.

I would be hard pressed to think of a single travel-related phobia that is “justified” per se.  If a person has been in a serious car/plane accident and is therefore, afraid to return to that method of travel, his/her fear could possibly be said to be “justified” under the circumstances.  However, most phobias related to travel are based on worries that simply will never eventuate.

By its very definition, a phobia is not a rational process.  It is mainly an irrational fear of something that poses no real, impending danger. Take for example one of the most common phobias – fear of flying.  Fear of flying is a partly rational and partly irrational fear. Yes, planes do crash from time to time and it is remotely possible that the one you are thinking of travelling on, could crash. But the likelihood of that happening is miniscule.  You have a better chance of winning the lottery.  

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Rhondalynn Korolak, Author of "On The Shoulders of Giants"

Rhondalynn Korolak, Author of "On The Shoulders of Giants"

Many people believe that depression can result from anger turned inwards.  Anger and depression are simply states of mind just like sadness, frustration, confusion etc. 

Anger does not cause (nor is it a symptom of depression).  In my clinical experience, persistent anger does often co-exist with MANY other negative emotions – frustration, despair, fear, sense of hopelessness etc.  However, in assisting clients to release these deeply ingrained patterns of negative emotions (which can become bad habits over time), it is often necessary to work with and release anger first as it is a strong, dominant, primary emotion.  Often, unless anger is released first, it is impossible to face or address the underlying issue(s).

However, I do not believe anger causes (or is a symptom of) depression per se.

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Rhondalynn Korolak, Author of "On The Shoulders of Giants"

Rhondalynn Korolak, Author of "On The Shoulders of Giants"

 The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.   William Arthur Ward

I was reminded of this brilliant principle last week when I spoke to one of my business coaching clients.  There can be no doubt that we are living in interesting times…. the global financial crisis has impacted overall spending and consumer sentiment – and this has hurt many small businesses around the country.  It’s no good hoping that circumstances will change – in order to survive we all need to dig deep and find creative ways to work smarter not harder.

Jim Collins, in his book, “Good to Great,” talks about this very interesting paradox that he calls “The Stockdale Principle”.  According to Collins, “you have to be realistic about your current situation and yet, stay optimistic about the future”.  

General Stockdale was the highest ranking American prisoner of war in Hanoi, Vietnam. Over the years he began to notice an interesting phenomenon – optimism could in fact be a liability.  His fellow prisoners (who were the eternal optimists) constantly set themselves up for disappointment.  They set huge milestones – “we will be rescued by Christmas” – but those milestones came and went year after year and with it… their will to live.

 

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We live in a world with a million possible distractions, pressures, emergencies and interruptions, how can we stay possibly stay focused (on our goals) and sane?

There are always going to be several things constantly competing for my your time – marketing campaigns to design, team members to manage, customers to respond to, business opportunities to explore, issues to follow up, personal commitments etc.  However, whenever you try to work on too many things at the same time, inevitably none of them ever gets done.

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