O&MM Fabricator - November/December 2017 - 43

Failing to Follow the Prin-
ciples of Profitable Cash
Management
Making the sale is only the first part of a
profitable business transaction. How you manage the revenue generated by your sales will
determine how much of that money finds its
way to your bottom line.
Profitable management of cash flow calls
for never allowing any of your money to lie idle.
The worst place to deposit daily receipts is in
a low-interest/no-interest checking account.
Instead, open a money market account at
your bank and have it linked to your checking account for telephone or online transfers.
From that point on, deposit your daily receipts
into the money market account where they will
immediately start drawing interest. NEVER
deposit receipts into your checking account.
Keep a minimum balance in the checking
account and transfer cash by phone or online
only as needed to cover checks written.
While interest rates in money market
accounts are anemic now, they have already
started a gradual climb and you'll be automatically set to benefit as the rise continues.

5

Robinson offers these suggestions:
*	 Prepare interview questions in advance. Take
notes so that you won't forget what the candidates said. I guarantee that you will either forget
what the first interviewee said or mix his/her
responses with subsequent interviewees if you
don't take notes. Ask each candidate the same
questions so that you can compare answers.
*	 Don't go too far too fast. Don't make a hiring
decision based on your first interview. Take
your time. Compare candidates.
*	 Make the candidates feel comfortable-they
reveal more if they aren't on guard. If you make

interviewees feel like they are being interrogated, you'll learn how they respond to questioning under pressure, but it's unlikely they'll
tell you much revealing about themselves.
*	 You must sell the candidates on the job and
you, but don't talk more than 20 percent of the
time. Let the candidates do most of the talking
*	 Ask open-ended questions. Avoid questions
that can be answered with a simple yes or no.
These seven missteps aren't the only management errors that can negatively affect your
business, but steering clear of them can go a
long way toward optimizing your bottom line.

Failing to Ask for Outside Help
"By their very nature, entrepreneurs are independent thinkers,"
says management consultant Carl Robinson,
Ph.D. "That's why they are often reluctant to
reach out to others for help in areas where
their own experience may be lacking. I feel
that any small business owner will benefit from
forming a peer group made up of owners of
non-competing local businesses. This is an
excellent way for a business owner to benefit
from a no-cost advisory board. In a successful peer group, everyone helps everyone else
through the exchange of experience and ideas.
"A good place to locate potential members
of a peer group is one of your local service
clubs such as Rotary, Kiwanis or Lion's Club."

6

Failing to Develop Good
Hiring Skills
"One of the most common mistakes small business owners make is hiring
poorly," says Dr. Robinson, "Most small business owners have never received any training
in the selection and assessment of people.
As a result, they tend to fall victim to every
'interview bias error' known. If you make a
single poor hiring decision, especially if you
have fewer than 10 employees, you can be
derailed big time."

7

Ornamental Iron Components
Ready to Ship
Rebecca ©

842307_Regency.indd 1

www.regencyrailings.com
214-742-9408
November/December 2017 * O&MM Fabricator
| 43
25/11/16 2:27 am


http://www.regencyrailings.com http://www.regencyrailings.com

Table of Contents for the Digital Edition of O&MM Fabricator - November/December 2017

President’s Letter
Letter From the Executive Director
NOMMA Network
NOMMA Education Foundation
First Look: 2018 Metalfab / Fencetech Attendee Brochure
It's in the Air
A Fabricator’s Ergonomics
Seven Costly Management Mistakes
Supplier Members
New & Returning NOMMA Members & Iron Club Members
Gold Members
High-Tech Laser Machine Allows Business to Boost Productivity and Expand Product Offerings
Index of Advertisers
O&MM Fabricator - November/December 2017 - intro
O&MM Fabricator - November/December 2017 - cover1
O&MM Fabricator - November/December 2017 - cover2
O&MM Fabricator - November/December 2017 - 3
O&MM Fabricator - November/December 2017 - 4
O&MM Fabricator - November/December 2017 - 5
O&MM Fabricator - November/December 2017 - 6
O&MM Fabricator - November/December 2017 - 7
O&MM Fabricator - November/December 2017 - 8
O&MM Fabricator - November/December 2017 - 9
O&MM Fabricator - November/December 2017 - 10
O&MM Fabricator - November/December 2017 - President’s Letter
O&MM Fabricator - November/December 2017 - 12
O&MM Fabricator - November/December 2017 - Letter From the Executive Director
O&MM Fabricator - November/December 2017 - 14
O&MM Fabricator - November/December 2017 - NOMMA Network
O&MM Fabricator - November/December 2017 - NOMMA Education Foundation
O&MM Fabricator - November/December 2017 - 17
O&MM Fabricator - November/December 2017 - 18
O&MM Fabricator - November/December 2017 - First Look: 2018 Metalfab / Fencetech Attendee Brochure
O&MM Fabricator - November/December 2017 - 20
O&MM Fabricator - November/December 2017 - 21
O&MM Fabricator - November/December 2017 - 22
O&MM Fabricator - November/December 2017 - 23
O&MM Fabricator - November/December 2017 - 24
O&MM Fabricator - November/December 2017 - 25
O&MM Fabricator - November/December 2017 - 26
O&MM Fabricator - November/December 2017 - 27
O&MM Fabricator - November/December 2017 - 28
O&MM Fabricator - November/December 2017 - 29
O&MM Fabricator - November/December 2017 - It's in the Air
O&MM Fabricator - November/December 2017 - 31
O&MM Fabricator - November/December 2017 - 32
O&MM Fabricator - November/December 2017 - 33
O&MM Fabricator - November/December 2017 - 34
O&MM Fabricator - November/December 2017 - 35
O&MM Fabricator - November/December 2017 - A Fabricator’s Ergonomics
O&MM Fabricator - November/December 2017 - 37
O&MM Fabricator - November/December 2017 - 38
O&MM Fabricator - November/December 2017 - 39
O&MM Fabricator - November/December 2017 - 40
O&MM Fabricator - November/December 2017 - Seven Costly Management Mistakes
O&MM Fabricator - November/December 2017 - 42
O&MM Fabricator - November/December 2017 - 43
O&MM Fabricator - November/December 2017 - 44
O&MM Fabricator - November/December 2017 - Supplier Members
O&MM Fabricator - November/December 2017 - 46
O&MM Fabricator - November/December 2017 - New & Returning NOMMA Members & Iron Club Members
O&MM Fabricator - November/December 2017 - 48
O&MM Fabricator - November/December 2017 - Gold Members
O&MM Fabricator - November/December 2017 - 50
O&MM Fabricator - November/December 2017 - High-Tech Laser Machine Allows Business to Boost Productivity and Expand Product Offerings
O&MM Fabricator - November/December 2017 - 52
O&MM Fabricator - November/December 2017 - Index of Advertisers
O&MM Fabricator - November/December 2017 - 54
O&MM Fabricator - November/December 2017 - cover3
O&MM Fabricator - November/December 2017 - cover4
http://www.nxtbook.com/naylor/NOMS/NOMS0518
http://www.nxtbook.com/naylor/NOMS/NOMS0418
http://www.nxtbook.com/naylor/NOMS/NOMS0318
http://www.nxtbook.com/naylor/NOMS/NOMS0218
http://www.nxtbook.com/naylor/NOMS/NOMS0118
http://www.nxtbook.com/naylor/NOMS/NOMS0617
http://www.nxtbook.com/naylor/NOMS/NOMS0517
http://www.nxtbook.com/naylor/NOMS/NOMS0417
http://www.nxtbook.com/naylor/NOMS/NOMS0317
http://www.nxtbook.com/naylor/NOMS/NOMS0217
http://www.nxtbook.com/naylor/NOMS/NOMS0117
http://www.nxtbook.com/naylor/NOMS/NOMS0616
http://www.nxtbook.com/naylor/NOMS/NOMS0516
http://www.nxtbook.com/naylor/NOMS/NOMS0416
http://www.nxtbook.com/naylor/NOMS/NOMS0316
http://www.nxtbook.com/naylor/NOMS/NOMS0216
http://www.nxtbook.com/naylor/NOMS/NOMS0116
http://www.nxtbook.com/naylor/NOMS/NOMS0615
http://www.nxtbook.com/naylor/NOMS/NOMS0515
http://www.nxtbookMEDIA.com