Most Popular in:

Finance

Email This Item! Print This Item!

Growing Your Career: Reversing the Effects of Financial Mismanagement

By Victoria L. Rayner
Posted: April 28, 2008, from the August 2007 issue of Skin Inc. magazine.

page 2 of 2

      Consistently monitor the outcomes of your activities. Review and revise your reversal strategies when necessary, and be prepared to replace advisors or members of the turnaround team you have assembled.

      If you suffer a monetary setback that prevents you from meeting the financial terms to which you have agreed, be certain to notify your creditors so that they will retain their faith in your ability to make restitution.

Asking for help
     In order for your troubleshooting plan to actually succeed, engage the assistance of qualified professionals who are well-versed in the areas of your spa that require the most attention. It is best to limit mentoring and assistance to no more than two advisors. If you involve too many people, these experts may feel as if they have to meet with one another before presenting information to you, which could delay decision-making and, quite possibly, prevent speedy business-saving actions from taking place.

Avoiding difficulties
     To be a successful troubleshooter, you must try not to overlook certain key considerations of the financial resolution process. It is important to involve the following. 

  • Understand what you are up against, as well as all the legalities related to your circumstances.
  • Recognize the importance of working in close collaboration with others who are capable and willing to commit to helping you.
  • Inform creditors of your intentions to make financial restitution. Discuss your plan, set a workable timetable and keep them up-to-date on your progress.
  • Be proactive. Allocate enough time and effort to complete the urgent steps, as well as intermediate actions and long-term targeted tasks, that must be actualized in order for you to bring about recompense.
  • Disregard the opinions of naysayers who are pessimistic about your ability to improve your financial circumstances.
  • Research and assess the viability of developing new profit-producing systems that can reinforce your financial situation to expedite the resolution of your debts.
  • Adhere to ongoing practices that curtail current costs by budgeting and reducing operating expenses whenever and wherever possible without compromising the integrity of your services or your hard-earned reputation.

Benefit from the experience
     Reversing the effects of financial mismanagement through troubleshooting requires serious introspection into the problems that initially created your financial hardship. To be successful at this endeavor, you must be willing to change habitual behaviors that, left unchecked, will result in another monetary meltdown. Problem-solving requires persistence because you cannot escape pressure, exhaustion and stress during dire financial straits. Your success depends upon the ability to remain vigilant and steadfast.
     Anyone who has struggled to save a mismanaged business has benefited from the experience in the long run. It teaches self-sufficiency. Perhaps that’s the reason so many multimillionaires have a history of failed endeavors before they tapped into success.