Cost-cutting, down-sizing, de-risking, in challenging economic times every penny is a prisoner and it’s a constant challenge to entrepreneurs.
Sanjay Majhu knows firsthand the importance of financial mastery. A net loss in his business forced him into action, and in just 12 months his tight rein on costs notched up a solid after-tax profit – a significant improvement on the previous year.
Sanjay, of the Apple Harlequin Group, shared his story with Exchange members at a recent Supper Club and the response was fantastic.
• “The value of this event was the nuggets of information which lead to better decisions in my own business and helping to inspire me to be more ambitious and determined in the business.”
• “’Real stories’ of bravery and how if you just stick at it and never give up you’ll make it.”
• “Key tips for me – Important to stay true to ethics – understand every element of your business – foster relations with professionals.”
Emma Little, MD of Execspace, found Sanjay’s story “inspirational”.
“It takes guts, bravery and tenacity to build a business, especially in a recession and during hard times. I have always firmly believed that it’s not about being the most charismatic, the most well connected, the most intelligent that brings you success, it’s about having the ability to get up day in day out (even when it’s really crap) and keep going.
“It’s like an inner strength that keeps driving you. I loved how much crap he’s been through and how by keeping going and leaning on his family for support he’s still here. Real strength of character.”
For Emma, her key takeaways from the event reflect her own philosophy: “Honesty’s the best policy – i.e. just tell people straight. I’d always kind of thought this and have been accused of ‘shooting from the hip’ but it really did reaffirm that this is absolutely best course of action – always.”
She intends to start monitoring each individual’s performance on a day to day basis, not just the team as a whole. And maybe open up a bit more to those close to her when it is tough. “It can be a lonely job,” said Emma.
It was Sanjay’s advice to come into work everyday in your business and drive it forward no matter how you feel that resonated with Tim Cocking, Director at Bright Care.
“I also liked that Sanjay really valued and protected the relationship with his wife throughout his business journey and it is a reminder to make sure I make time for my own family regardless of how busy things get,” said Tim.
“I am more inspired to grow and push my business forward and be prepared to face the challenges of that head on.”
Speaker biog – Sanjay Majhu