I see many business owners being too involved in the daily “minutea”; and, as a result, missing the big picture and important opportunities to grow their business.
High impact money making activities should always be the #1 priority for every business owner.
When you are not focusing on the activities that bring you increased profits, you are “leaving money on the table”.
Do you know which high impact actions will best drive your business?
1. KNOW YOUR MONEY TO GROW YOUR MONEY
The biggest mistake small business owners make is neglecting to review their financial statements on a regular basis. If you don’t not know what your financial position is it might prevent you from making important business decisions.
Staying on top of your finances is so key; without it you cannot evaluate and improve the financial performance of your business.
The classic Profit and Loss Report contains vital information regarding costing and earnings that are necessary for short and long-term planning.
You can start evaluating the financial performance of your business by:
– Reviewing your bank statements monthly. Look for areas where you can decrease costs, as well as areas you can increase the sales.
– Sign up for Quick Books online. This will allow you to create monthly Profit and Loss Report and closely monitor your finances and the growth of your business.
– Hire a financial advisor or accountant to help you in this area.
2. CONSTANTLY IMPROVE YOUR BUSINESS STRUCTURES & SYSTEMS
EFFICIENT STRUCTURES & SYSTEMS = MORE EASE & MORE PROFITS.
Making your process efficient will save you money, time, and effort.
It will allow you to create more time in your schedule and will elevate your customer experience.
As a result, your involvement in the small daily tasks will decrease and you will be able to focus on more high-impact money-making activities.
The first step towards creating an effective system in your business is setting clear goals in harmony with your business vision and value. This is a foundation.
Here are five (5) important areas:
- Payroll
- Personnel
- Accounts Receivable
- Accounts Payable
- Inventory
3. GET STRATEGICALLY CREATIVE
Most entrepreneurs thrive on their creativity!
IF YOU ARE NOT CREATING, THEN YOU ARE NOT GROWING.
– Look at your current offerings.
– Innovate the products or services in such a way that it brings more value and new solutions to your clients.
– Be sure to make your product unique.
– Average doesn’t make the cut in these times.
Creative thinking is a must-have skill as an entrepreneur.
In today’s world of technology, a blend of creativity, online strategies, and technology will help strengthen your business.
The creative entrepreneur always thinks outside the box and replaces traditional solutions with more innovative ones.
If you want to increase your creative flow, try switching things up a bit.
Work from a different location,
Listen to some music,
Get in the company of other successful entrepreneurs so that you can brainstorm ideas off each other.
Read books on your area of business.
You can do this!
IF YOU NEED PERSONALIZED SUPPORT TO CREATE YOUR DREAM BUSINESS, FINANCIAL FREEDOM, AND TO LIVE YOUR TRUE PURPOSE, CONNECT WITH ME.
Let’s create a plan to help you reach your business and personal goals from a space of true alignment and using world-class strategies.
Visit my WEBSITE and book your FREE CONSULTATION so we can talk about how I can support you in getting clear on your business, lifestyle, and financial objectives.
Love,
For more info visit our website @ldvelite.com
ABOUT THE AUTHOR
RENIA M. ORR IS AN INTERNATIONAL BUSINESS STRATEGIST, SUCCESS COACH, SPEAKER, AND THE FOUNDER OF LDV ELITE.
SHE IS A SPEAKER FOR FORTUNE 500 COMPANIES, APPEARS ON NBC TV AND OTHER TELEVISION PROGRAMMING, AND IS AN ACCOMPLISHED AUTHOR.
