Businesses don’t stop growing and making a profit, it’s the owner that stops working! As soon as a small business starts making progress, many owners feel that they can relax and enjoy the “fruits of their labor”. I have noticed similar patterns in many small businesses. The company starts making money, the owner slows down, business stops growing and soon the income is down. The owner then starts the process of working again and thus the cycle repeats itself. A business in this type of a “life cycle” will eventually be unable to start the up cycle again and then failure results.
Discipline is the most important attribute that a small business owner can have. Discipline expresses itself in many ways:
- Working in the business every day
- Working on the business at least weekly
- Maintaining a current accounting system, semi-annual budget projections and monthly income and loss statements
- Having a consistent and, at the same time, expanding marketing program
- Maintaining a rainy day savings account
- Maintaining regular business hours
- Facing problems when they occur
- Using the Strategic Focus plan as a daily/weekly guide
- Working with a business coach to adhere to the “accountability factor”
Systems are designed so that each of the business processes are not re-invented every day.
- A good start is to leave a clean desk before you close for the day.
- Maintaining a simple filing system for each aspect of your business ( and use it)
- Post the day’s business transactions every evening
- Prepare a “to do priority” schedule for the next day
These simple suggestions are of enormous value when it comes to growing a business. How many of these suggestions are you currently using?
The most successful people in life are the ones who settle their critical issues early and manage them daily.
Nick J. Petra CFP Our only business is helping you grow your business© www.strategicduck.com
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