Don't Talk About It. Be About It.
Well done is better than well said.
Stop talking about the changes you should make in your business and make it happen.
3 changes you can make right now to improve your business.
- Stop trying to do everything!
You cannot do everything and you should not try! Delegate. Identify tasks that you can delegate to an employee or contractor.
- Have a planning weekend!
Spend a weekend outside of your business. While away, take a fresh look at your financials, determine if your marketing is working, measure how profitable you are. The things you can learn while outside of your business are priceless.
- Create an execution plan
Make a list of 5 things you want or need to do in your business and write specifically how you will get these things done by what date and who needs to be involved.
Bankruptcy or Breakthrough?
Are you one step away from bankruptcy or breakthrough?
3 ways to ensure that your business is moving toward breakthrough and not bankruptcy:
Get your business in order.
1. Prepare financial statements
Your accountant should prepare a profit and loss statement and balance sheet for you at least quarterly.
- Read your financial statements regularly
When you receive your financial statements, take some time to review them. Review more detail if something doesn’t look right. Financial statements are good for measuring profitability, but also a good way to uncover theft.
- Understand your financial statements
What are you looking at? Do you know? Understanding what you should be looking for, making sure that you have enough money in the bank, confirming that you are making enough money and not losing money are all key to avoiding bankruptcy.
