Have you ever wondered what makes a business stand the test of time and remain profitable for the long term? or what makes a business give you the freedom you started it for in the first place?
Well, here are three things you must understand about your business.
Now this is one that seems obvious and yet it is the one that seems to escape the attention of a lot of business owners. If the business is not making a profit and you have been at it for a while now, it is time to get some outside help. If you are having to pump money into it from other sources all the time then this is not a business, it is a hobby and it is one that will drain you financially and cause all manner of issues in your personal relationships as well. It does not matter whether you are a social enterprise or charity. The business needs to make money in order to use it for other purposes.
And yet, people continue to pump money in rather than pay for a coach/consultant to come and look with objective vision. Not sure of the thinking there…
A Small Business must be money making continuously
So, you have got past the first point and your business is breaking even and possibly even making a profit. The next thing you need to ensure is that it does so consistently. Too many business owners KNOW what I mean when I talk about the ‘Feast and Famine’ syndrome. Some days, all is honky dory, other days you cannot seem to rub two pennies together and the customers have disappeared completely.
A healthy business does not do that. Educate yourself on how to prevent this, work with a coach, do something other than what you are doing to ensure things change.
A Small Business must be made to grow
Can your business double, triple without too much of an increase of effort from you? Are there systems in place that allow you to grow your business?
A lot of businesses do not take this into consideration and so end up working all the hours God sends just trying to turn a profit all by themselves. The idea of increasing the profit in their business actually begins to fill them with dread as they consider how on earth they are going to make that happen. “As it is,” they say to me, “I have no time so I am content with the money I am making.”
And then I show them how to maximize the money they are making in less time and a light comes on as they realise the potential available to them.
So, What does your Business look like? Let’s talk about it. Book yourself into a Business Breakthrough Session and let’s create a business that is here to stay and give you the lifestyle you want. Click right here ====> Business Breakthrough