Having a business isn’t easy, but it is easy to get side-tracked and lose sight of what’s affecting your bottom line.
It’s a brutal reality that survival as a business requires profit. Even if you love the work and are doing good for the world, it will all crumble in an instant if your business isn’t bringing in enough dough. So as a first step, check that you’re not leaking dough anywhere. That sounded gross. What I mean is, is there money going out that needn’t be? And please don’t start by asking yourself “Who can I fire?” Why not take a good hard look at your taxes? If you’re among the people who don’t declare things worth less than $10, you’re a fool. No offense. But seriously those items add up fast! You’re practically giving away money.
Let’s look next at “diversifying early.” Think about it this way: You spend five years learning to bake, then you open a bakery and it’s a success. How soon should you open a new one? When you know that the first one, and your formula for running your business, are rock solid. How soon should you open a sushi place? Maybe never.
While you’re improving your business practices, why not check out our Are You a Leader or a Boss? infographic to see if you can improve your management style as well?