David Morrison is a retired Information Technology Executive with over 3 decades of industry experience. Most recently as the president of Cognoscente Consulting Ltd., David worked around the globe leveraging his keen understanding of product technology and his strong operations background to help a number of start-up and small businesses get off the ground. By applying his knowledge of product and business marketing, along with his marketing and management expertise, David has helped many companies achieve measurable success through re-engineering and restructuring their processes.
Being a small business owner has always had its challenges and benefits. I think it is safe to say that any small business owner is more then aware of the benefits. As they say, when things are going well, owning your own business is the best job in the world. On the other side of that coin, when things are tough, your awesome job with all the flexibility and freedom in the world turns into the worst job.
Small business owners routinely do a number of different jobs in their companies. The reasons range from budgetary to control issues to an inability to find someone to do a particular job on such a small scale. Whatever the reason, us business owners almost always end up doing some or all of the accounting among our many other tasks. Now, keeping an eye on your net profit is not a ground breaking discover that I just stumbled upon. What I mean to point out is that in bad economic times, such as the ones we are experiencing right now, business owners ought to consider ramping up their diligence when it comes to expenses and evaluating how their companies generate revenue.