One imperative in business success is an awareness of how your business is doing. For this evaluation, there are a number of fundamental profit questions you need to ask yourself:
- Is your business profitable?
- Is your business profitable enough?
- Is your business profits growing?
- If you sold your business tomorrow, could you sell it at a significant profit?
- Does your business allow you an acceptable work-life balance?
- If you took 12 months off, could your business run without you?
If you answered “no” to any of the questions, then you may have a significant knowledge gap and it might be time to seek some help. It costs nothing to pick up the phone and discuss your challenges with someone who knows what you are going through.
I often see new businesses that are like a race car taking off at 200 kilometres per hour into the fog. Why would you ever drive a car that fast into fog? You have no knowledge of what is ahead. Your vision is blocked. You don’t know if you can stay on the road, and you don’t want to admit you have no idea how you’re going to get there.
It’s not about the car — it’s about the driver.
I’ve made it my mission to train the “drivers” in business. I’m the person who provides the map, attaches fog lamps to your headlights and helps you figure out where the twists and turns are.
Business is a learnable skill. The desire to succeed is not. You already have that desire to succeed; now it’s time to take a look at what issues, if rectified, would make a significant difference to you and your business.
Business is also a complex subject. Maybe what you once knew doesn’t cut it anymore. Maybe you just feel stuck and don’t know how to get that mojo you used to have back again.
If you’re in business, you probably have an accountant, lawyer and other professionals to help you with certain aspects of the business. The most successful business owners and leaders usually have business coaches, even if they don’t broadcast it.
Filling in your gaps is crucial to the success of your business and your overall professional growth. It’s going to make a massive difference in getting you where you want to go, and isn’t that why you got into business in the first place?
If you are struggling to prioritise your business issues and opportunities and need clarification on which strategies will accelerate the growth and profit of your business then take this 5 minute Mindshop questionnaire.