If a business owner said to you that they run their business without a budget, what would you think? You’d think they were incompetent. Or perhaps lazy? Or both? But what do most families do? When you think about it, a family is actually a mini business. There is income, there are expenses and there is, hopefully, something left over to invest and to enjoy. So why don’t most families operate to a budget? After all, a personal budget helps you to see your financial direction a
“You need to work on your business, not just in your business.” Made popular by The E-Myth Revisited author Michael Gerber, it’s advice I’m sure you’ve heard dozens of times over the years (I certainly have). But despite being told over and over again, many small business owners still don’t seem to truly understand what it means. Let’s look at a common scenario. Bill is into making things out of wood. He loved woodwork at high school, and was pretty good at it too. And while
What are your business goals? How do you achieve them? Are you doing everything you can to make it happen? It’s good to have goals and a big vision for your business but are your day-to-day habits getting in the way. Do you understand your products / service and know what you earn from each of them? You might think that because a product is selling, you’re making a profit but if you don’t know what your margins are you could definitely be suffering from head-in-sand thinking.