PROFIT FIRST

book

You get what you focus on. In business, it means focusing on profit.

A business without profit will die.   Being passionate about your work may keep you in the game longer, but without profit you are still losing money. You have to keep business expenses in control. There isn’t a shortcut that allows you to succeed if don’t have a clear path to profitability for your company.    Every business may go through short cycles when expenses exceed income, but allowing it to happen repeatedly without making adjustments is the definition of insanity – doing the same thing over and over without making changes, expecting a different result. Continue reading

Is Your Business Viable?

 

Wordle

Why is it that we put so much emphasis on a business plan?  The goal is to be able to determine if you have a viable business.  What is a viable business?  A business that is freestanding, self-sustaining, capable of making it without outside financial support.  That means no credit card debt, no loans, just the business itself, standing alone, able to meet all the expenses from the transactions of the business. Continue reading