Penny Wise and Pound Foolish

Are you prone to being ‘Penny Wise and Pound Foolish’ - to be extremely careful about small amounts of money and not careful enough about larger amounts of money?

As a business coach, I have seen many examples of this – below are my top 5:

1. A director earning seven figures, and extremely disorganised – missing appointments and not having time to work ‘on the business’, but not wanting to pay for an executive assistant.

2. A start-up business owner of a rapidly growing business continuing to hold onto the financial processes themselves rather than paying for a part-time bookkeeper; so invoices were not being sent in a timely manner and cash-flow pressures mounted.

3. Owners of medium sized businesses not investing in their manager’s professional development – and frustrated that they feel unsupported by the managers. 

4. Managers not providing training to staff and frustrated with the continuing ‘fixed mindsets’ and repeated systems slippages. Many of the systems slippages being very sizeable in cost (of product and brand image).

5. No expenditure on new products and services development whilst the existing sales continue to erode as the products become antiquated.

Do any of the above scenarios sound familiar?

Are you prone to being ‘Penny Wise and Pound Foolish’?

Click here – Debrief and Case Study


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