“Having built, invested in, and started 22 different businesses over the years, there is one thing that reigns supreme. If you work hard, cobble together a bunch of tactics, and rely on an accounting system to help you… you are on the road to ruin. It doesn’t matter if you have a cycle shop, a hot new restaurant, or a great software offering… if you do not have a living Strategic Plan things will be harder, more time-consuming and ultimately, you will join the 50% of small business that don’t make it 36 months down the line.” ~ E. R. Haas, CEO, Author, Serial Entrepreneur
No long speech, just the fastest approach to maximizing income, increasing profitability, and growing your business into a rising star!
First, watch the above motivational, inspirational and thought-provoking video. Leah will give you the Quick Big Picture in 45 seconds.
Think about your business. Which Stage are you in…
Stage-1 — SUSTAINABILITY: Your business has moved beyond cash flow negative, hand-to-mouth subsistence and has mastered the fundamentals. While not yet consistently profitable, it is sustainable, because your income over the long run is more than enough to cover your expenses. Management has proved that it is capable of consistently getting and keeping customers.
If this is your business, how do you plan on taking it up to the next Stage, consistent profitability?
Stage-2 — PROFITABILITY: Regardless of the size of your gross income, you have a working model of a successful business that generates a net taxable profit from day to day operations. Management has found the secret to getting and keeping customers… and doing it profitably… where your paycheck is fully covered, your bills are paid on time and all REAL costs are being met..
If this is your business, how do you plan on taking it up to the next Stage, exciting growth?
Stage-3 — GROWABILITY: Your business has mastered the day-to-day fundamentals. It has, through automation and strict cost and performance controls, turned every business process into a hardwired system that allows you to duplicate your success. You are now highly profitable and management is constantly looking for new avenues for growth, expansion and development of new products, services and/or locations.
If this is your business, how do you plan on taking it up to the next Stage, wealth that flows from exit-stage valuation?
Stage-4 — VITALITY/SALABILITY: Your business has an unstoppable Strategic Plan with tremendous management bench strength. You have learned to fully exploit your competitive advantage. You have grown to a prominent position within your industry. You have several great choices. You can aspire to build a business that is VITAL, FUN, EXCITING and makes a real difference in people’s lives.
If this is your business, what will you do next? What will your legacy be? Do you have a succession plan that gives you entrepreneurial freedom?
Moment of Truth…
Look at your business as it is right now.
Do you have a clear strategy for moving up to true wealth, abundance, and prosperity — however you define it?
Is it running you ragged or are you running it effectively, profitably, and have the expectation that you are building a business worth owning?
These are not trick questions…
You may not see yourself as building an Apple, Amazon, or Walmart but you certainly must see yourself as getting paid for all your hard work and sleepless nights… right?
I have found that most businesses fail for the wrong reasons.
Principally, the owners/leadership needlessly work themselves to death… burning out well before the business turns fun and consistently profitable.
Ultimately business success comes down to just 2 things: KNOWLEDGE and TOOLS.
With greater knowledge comes options and opportunities.
With better tools the job of building your business becomes easier… indeed, employing the right tools make it possible.