Should I Do What I Want to Do?, with Profitability Coach Bill McDermott
John Ray: [00:00:00] And hello again, everyone. This is John Ray with Business RadioX. And I’m here with Bill McDermott. Bill is the profitability coach and he’s also the host of ProfitSense here on Business RadioX. Bill, my question for you is, should I do what I want to do?
Bill McDermott: [00:00:17] So, that’s a provocative question, John. And I will say yes, but also maybe no, or maybe the better answer is it depends. What I’ve been asked recently is, Should I hire this person? Should I buy this piece of equipment? I can’t find a building, should I build one? And I’m renting, should I go ahead and buy a building?
Bill McDermott: [00:00:47] And so, what I catch sometimes is, these business owners are asking these questions because they’re afraid to incur cost. How much is this going to cost me? And so, part of that is really just a mindset issue. And so, I answer the question, is it a cost or is it an investment? And what I mean by that is, if I’m hiring a person, certainly I’m paying them a salary. But I should reasonably expect a rate of return on that person, because, otherwise, they’re just overhead. The same thing with the building. If I’m building a building or buying a building, that building is going to increase the efficiency or the capacity in my business that would create more revenue in excess of the cost of the building. And, of course, the same thing with the piece of the equipment.
Bill McDermott: [00:01:37] So, a lot of my conversations with my business owners about should I do what I want to do, is, it depends. You are spending money, but it’s not just a cost, it’s an investment in your business. You should expect a return over a certain time horizon. And even further, it’s an investment in your future.
Bill McDermott, Founder and CEO, McDermott Financial Solutions
Bill McDermott is the Founder and CEO of McDermott Financial Solutions. When business owners want to increase their profitability, they don’t have the expertise to know where to start or what to do. Bill leverages his knowledge and relationships from 32 years as a banker to identify the hurdles getting in the way and create a plan to deliver profitability they never thought possible.
Bill currently serves as Treasurer for the Atlanta Executive Forum and has held previous positions as a board member for the Kennesaw State University Entrepreneurship Center and Gwinnett Habitat for Humanity and Treasurer for CEO NetWeavers. Bill is a graduate of Wake Forest University and he and his wife, Martha have called Atlanta home for over 40 years. Outside of work, Bill enjoys golf, traveling, and gardening.
Connect with Bill on LinkedIn and Twitter and follow McDermott Financial Solutions on LinkedIn.
Listen to all of the ProfitSense interviews here.
The “One Minute Interview” series is produced by John Ray and in the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link.
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