Lessons learnt from Carillion and Trump

Lessons learnt from Carillion

• Minimise overheads - often companies which are growing or have recently seen a large increase in profit feel that the best route is to expand. Although growth and expansion is what every business aims for, you need to be cautious when it comes to overheads and the amount of money which is being taken out of a business. If you are able to do the work within your team, do it. Do not subcontract work to other companies unless necessary. Reducing the amount spent on overheads will have a direct impact on the success and profit of your business.
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• Don’t overreach – if a project seems too big or too risky for your business, it’s usually because it is. Although projects which are outside your reach may have the potential to be extremely profitable, they also have the ability to lose you a lot of money. Before taking any big risk think about what would happen in the worst-case scenario. If there is a backup plan in place and you can ride it through, then by all means go for it. But just remember that the risk may not reap the rewards.
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• Suppliers –  a lot of the suppliers were told that they were not getting paid for 100 days on their invoices. If your contract stipulates that the payment will have a delay on it then make sure that you build this into your cash flow and are on top of your finances. Furthermore, make sure that you don’t have all your eggs in one basket and spread your fees out.
• The time to build? – with many sub-contractors being put out of work, this may be the ideal time to make the most of the large supply of labour.

 
Lessons from Trump

• Healthier lifestyle - although the President divides opinion, something which we should all take inspiration from is his recent health results. Your health and wellbeing is something which will directly affect your success, you cannot be working at an optimal level if your body is letting you down. Get half an hour’s moderate exercise a day, cut down on salt and sweets, and get a good night’s sleep. These are all changes which are easy to implement, and which can make a world of difference to your wellbeing, allowing you to work at the next level so that you can become your own property tycoon, but hopefully with better hair.
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