What is a successful business?
I believe a successful business has enough cash set aside to pay the bills, the taxman, and you. There should also be a profit at the end of the day – a return on the investment you make as a business owner. Because let’s face it, owning a business is a lot different to working for a wage and you deserve to be rewarded for the risks you take and all the extra hours you put in.
So what do you need to focus on to get that successful business?
Number one is the numbers. I’m an accountant so of course I’d say that. But you know, the numbers really do matter. If you want to get results:
• You need to watch your cashflow.
• You need to control your costs.
• You need to know when to do more marketing to get more sales through the door.
And you do all those things by focusing on your numbers.
Spend the time, do a budget, and then check that budget every single month. Make sure your costs aren’t escalating. Make sure your sales are on target. Make sure there is enough cash in the bank.
It’s simple really, but it isn’t easy. You’ve got to be prepared to do the work. But follow the process and you can get the results you want.
The Entrepreneurs Motto