A couple of years ago, I was retained to help a struggling business regain its profitability. After six days, I told the CEO that the problem was not sales-related. The problem was too much overhead and debt. The CEO disagreed with my assessment – and to my great relief my contract was quietly terminated. The company went out of business eight months later.
Running a debt-free business is probably contrary to everything that you have ever learned. And you might wonder why you should do it.
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.
Okay so you have come up with a brilliant business solution that solves a problem, attracts new customers, improves processes or grows revenues, you’ll need buy-in from those who need your solution and possibly outside investors to turn your vision into reality.
Effectively pitching an idea can mean the difference between, well, swimming with the sharks and being eaten alive. These tips can help you create a winning pitch:
One of my biggest struggles in my day-to-day life is managing my priorities. And by that, I mean I take stuff wayyyy too seriously. Car bill due? I’m thinking about it all day. Carpet to vacuum? Also on my mental to-do list.
If you spend all your time prioritizing your responsibilities, you’re likely ignoring some things that are very important to your life. Like your family, your friends, your “you” time, etc.
Try out focusing on these 7 areas to see if you can achieve a happier life.