Resources
Focus on What Matters
“I spend too much time working IN my business rather than ON my business.” “I bounce around from task to task, not knowing where to spend my time.” “I have too many things to do and not enough time to do them.” “I don’t know where to focus my time.” Nearly all small...
Story: 30% Revenue Decline – To Panic or Not to Panic?
Until 2 days ago, my plan for this weeks' newsletter content was an article about 4 paths to grow profitability in a small business. That was the plan and then I had a meeting with a customer who just lost 30% of their revenue due to customers canceling their service...
Worried about an economic downturn? Focus on your gross profit.
The below article was sent in our small business owner newsletter and due to the popularity, we've decided to create a permanent post on the topic. At the time of this writing, there was mass concern the US economy was heading into a recession. The topic of focusing...
Why Running Your Business by Your Bank Account Is Dangerous
Here's why its a problemA phrase we frequently hear from small business owners is, “I’m tired of running my business by the bank account balance.” Managing your business by the bank account balance is a dangerous place to be. First, this means you have no real...
Understanding Cash Flow Drivers and Why Cash Flow is Different than Profit
We have discussed revenue and profit drivers so it’s time to discuss the third and final set of drivers you need to understand to manage your business - cash flow drivers. These are possibly the most important to survival. If you missed our article on the revenue...
Reasons Why Your Business Might Be Too Dependent on You as the Owner and How to Fix It
One of the biggest problems small business owners face is having a business which relies too much on them. In this article we’ll discuss why this is a problem, the typical root causes and some ways to fix it. “Feels like I’m on a hamster wheel and can’t get off of...
Why A Profitable & Fulfilling Business Starts With Your Owner’s Intent
How important is it for a business owner to have clear personal goals and truly know why they own a business (your owner’s intent)? We believe it’s critical to your success and experiencing true satisfaction with owning the business. So much so that we kickoff every...
Understanding What Drives Profit and How to Manage It
Before getting started, as a ‘prerequisite’ to this article, you should check out our article on the 5 revenue drivers if you have not already done so. Here’s the link. I have yet to meet a business owner who did not want to improve their profits, either through...
Raising Prices and Why it Should Not Scare You
Here is a 2-minute lesson on how to increase profit through pricing, and why you shouldn’t be afraid to raise prices! Underpricing your service is a common issue with many small businesses, especially new business owners. (We talked about this here...see 'Thing #8'.)...
10 Things a New Business Owner Should Know
When I talk to someone thinking about starting a business, or who has recently started one, there's a question nearly everyone asks… “What are some things I should know?” My first reaction is usually, “well how much time do you have!?!?” There’s so much to learn it...