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Friday, 30 October 2020 18:09

Financial Incompetence is No Excuse!

Written by Dave Luehr

Index

Struggling businesspeople can often be heard reciting all the reasons they aren’t making enough money.

When pressed, however, they rarely know how to make money. In fact, they usually can’t even tell me what their revenue is so far this month or how much they need to make to be profitable!

 

Look, I agree. It’s tough out there. But I really believe the ones doing most of the complaining are often the ones who need to do most of the learning!

 

In most countries, we have been given the legal right to open and conduct a business; however, we do not have the right to operate a business successfully, unless we learn business skills! More precisely, financial skills.

 

Let me take you back to 1991.

 

There I was on another typical gray, rainy, Oregon afternoon. I was traveling at a speed which felt dangerously high for my Mazda pickup. I knew the I-5 corridor very well from the many trips between my shop in Salem and Portland, where all the large dealership parts warehouses were.

 

I knew where most of the cops would hide. On that particular day in 1991, though, I was looking extra hard for them because I had my name painted down the entire side of the truck, Luehr’s Auto Body in bright colors. Plus, I really couldn’t afford to get caught. Here’s why.

 

You see, 30 minutes prior, I was notified by my receptionist that I didn’t have enough money in the bank to meet payroll today unless the blue 1986 Buick got picked up and fully paid for!

 

The only problem was we didn’t have the parts we needed to finish the Buick! Thank God Ron Tonkin Chevrolet had these parts in stock. Now, if I could just get to Portland and back in just under two hours, we may be able to deliver the car, get the check and race my employees to the bank so their checks would clear!


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