Financial Killers Impact How You Grow Your Business

I know business owners who are literally afraid to make a plan. And they are in pain. Right now. Today. The pain comes from the chaos that is driving their decisions. And that chaos is occurring because they don’t have a plan. It’s a vicious cycle.

The good news is the cycle can be broken.

The bad news is those business owners who are afraid to make a plan have to get over it. That is if they want to break the cycle.

Failure to plan properly is just one of the 6 financial killers that affect your ability to make your business successful.

Take a moment to explore these financial killers — are you guilty of any of them?  Could just focusing on one of these improve your ability to make and keep more money?

Financial Killer #1: Failure to plan properly.

Financial Killer #2: Failure to understand how your company makes and keeps money.

Financial Killer #3: Failure to view profit generation as an organizational function.

Financial Killer #4: Failure to understand the relationship between price, volume and costs.

Financial Killer #5: Failure to manage cash flow.

Financial Killer #6: Failure to manage growth.

Not too sexy, right? I’m not giving you great marketing ideas or telling you how to sell better or how to utilize social media.

I’m talking about the foundational concepts that have been serving successful businesses for hundreds of years. Yet too many business owners, caught up in the passion of what they do or the belief that they just have to ‘get the word out’, ignore these basics. They may not pay the price in the short term, but they will pay the price in the long term.

Finding solutions for these 6 financial killers mainly take the one thing a business owner isn’t willing to give. And that’s time.

Time to think about your plan.

Time to think about how you make money and how you will keep the money you make.

Time to set up a profit model and adjust it as your company grows.

Time to understand what it costs you to produce your product or service.

Time to set up a cash flow management system.

Time to proactively plan for growth.

The amazing thing about time, according to Gandalf in the Lord of the Rings is this: “All we have to decide is what to do with the time that is given us.”

What are you doing with the time you have every day to run a successful business?

Want to learn to love your financials? Learn the positive side of making a plan that works and drives more profit to your bottom line? My Destination, Greatness program lays the foundation for growth while helping you proactively plan for your success.

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