Watch Expenses Even During the Boom Times

Stupid Business Story:

In the crazy real estate years, I was busy building my business and my real estate investments. I hired people and hoped they did most of what they were supposed to.

The main control was whether there was money in the bank. And I knew better.

As things slowed down, I had a chance to finally go in and take a look at what the office staff had been doing. Within 2 weeks, I let go half the staff, not because of lack of work but because they did absolutely nothing other than wander around the office talking to other people.

I also found that we were able to get rid of two storage units immediately because the office manager had the habit of never looking for supplies. Instead she would just order more, while the others just stacked up. We donated what we knew we’d never need to a local school.

We have not ordered any office supplies in 3 years and I still have over 1800 sticky note pads. (We just counted them last weekend.)

We overspent by thousands and thousands of dollars due to just not paying attention.

LESSON:

Don’t get so busy making money that you forget to keep some of it by watching expenses!

Thanks to:

Anonymous

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