Brodsky on Business - Web Bonus

He’s built six companies, risen from the ashes of Chapter 11, and for nearly a decade has enlightened business owners with his Inc. magazine column. That has given Norm Brodsky, who runs CitiStorage, a Brooklyn archival storage and retrieval service that he started in 1990, a rare perspective on being an entrepreneur.  In the Spring and Summer 2004 issues, he shared his thoughts with Report editor-in-chief Robert Levin. The following excerpts are exclusive to this web edition:

Reinvesting in Your Company

Robert Levin: For a viable, established business spitting off some nice cash, how do you know when you need to reinvest into the business as opposed to harvesting some of the gains?

NB: Here’s the thing. A business is a living, breathing entity. So look at the business as your child. What are you going to do? Well, you’re not going to ignore the kid. You’re going to feed and clothe and nurture it. Same with your company. Otherwise, the competition is going to pass you by. Nobody’s going to want to do business with you. You’re going to have problems with your workers.

Business vs Personal Objectives

"If you have a business goal and a personal life goal and you don’t do them in order," says Norm Brodsky, "neither one’s going to match." He relates the following story: 

Michael came to me. He was in a family-owned business, trucking business in New Jersey, and he came to me for help. I said, “Well, why’d you come here, Michael?”

He said, “Well, my business does $1.2 million.”

I said, “Where do you want to be in five years?”

He said, “I want it to do $20 million.”