It is scary to me how many business owners cannot read their own company financial statements let alone understand them. Any business owner who wants to grow their business should have at least a basic understanding.
So here we go:
The two basic Financial Statements are the Balance Sheet and the Profit & Loss Statement or P & L.
NO! It’s a simple word but can be incredibly powerful for business owners.
When working with my clients to help them figure out why they spend all their time working with their clients but are failing to be profitable. I often learn that the owner is spending time and resources on clients whose demands are outside of the businesses capabilities. Even more discouraging they are failing to grow their business. In the owners desire to get the sale they do not recognize that their business is actually losing money by trying to meet a client demands. These very clients are usually “Time Vampires” and need to be fired.
Remember when you were a kid and had to eat broccoli or lima beans or split-pea soup? The longer you stared at it the worse it looked. You would dread it. Usually it was cold by the time you got to it which made the taste even worse. It needs to be like ripping off a band-aid. You just gotta close your eyes and dig in so you get it done as quickly as possible.
In my experience as a business owner and my family life every time I would put stuff off or Procrastinate I would get slapped and sometimes it hurt.
In order to overcome a procrastination we must first understand it. Procrastination is the avoidance of doing a task which needs to be done–postponing until tomorrow what can be done today. It not only affects a person’s work but also commonly involves feelings of guilt, inadequacy, self disgust, stress and even depression.