A one-person business is way more impressive than a corporation.
Big businesses can be awe-inspiring in their far-reaching presence, their cutting-edge technology, and wide range of offerings. Of course, if you’re keeping up with their stock prices or annual reports, the kind of money they rake in can be mind-blowing. The main thing that impresses about big business is that they’re, well…. BIG. A small business, however, has all the same needs and has to pack all the departments and functions of a typical company into the budget and taskforce of ONE.
Whereas a Fortune 500 company has an entire C-suite to run things, plus scores of employees, you have to be your own CEO, CFO, COO, Marketing, Finance, HR, Bookkeeping, Webmaster, Art Department, Production Team, Quality Control, Shipping & Handling, Customer Service… and you probably have to get your own coffee, too. If you’re running your own business, you are a rock star, and you should be so proud of yourself because you’re taking on the jobs of a zillion different people.
The difficult part of being a business owner is that you have to know the difference between working in your business and working on your business. The everyday stuff is probably easy: you’re building your inventory, taking photos, sending email campaigns, updating your webshop, greeting customers, cleaning up loose peanuts after packing up orders, etc. The high-level stuff, what the CEO and fellow execs typically do, takes more abstract, visionary thinking, and that can feel like a low priority when you’re swamped with orders and up to your ears in packing peanuts. And yet, even if you don’t have employees, your business needs your CEO-type leadership and vision.
The C-suite is what drives a company: they set out a path for their employees by plotting the vision, selecting a destination, and charting the course to success. Typically, this means wanting to spend MORE MONEY, even if they’re selling the coolest product around and it’s flying off the shelves, it takes work to be sure you are bringing in more than you spend. In order to achieve that financial growth, leaders need to make plans by understanding their metrics and setting goals, making decisions based on data and not feelings -- and you, you beautiful, brilliant, talented one-person show, need to take time to do the same. The best part of small business is the heart behind it, but you also need to get a handle on your numbers WITHOUT the emotion. We can help you plan out the road trip to the business of your dreams.
Be like Waze, not a MapQuest printout.
You can’t get directions to your destination if you don’t know the starting point. Likewise, you may need direction to find your destination. The only thing that’s for certain is where you are now. Do you know where your business stands? Do you know where you want to go, and how to get there?
You can download The 10 Stops on Your Journey to Master Your Numbers right now and check if you’re at least on the right path. It all starts with tracking your metrics -- figure out where you are. Observe, analyze, grab as much information as you can and organize it, so you can make sense of all the numbers at your disposal. From there, it’s a matter of setting goals and a budget, and then hit the road. Your annual plans include pit stops, and your cash reserves are like the snacks and spare tire you keep in the trunk, since you never know what might happen along the way.
Map apps nowadays are constantly pinging your location, measuring your current position against their planned route, and they automatically recalculate to make sure you reach your destination, even if you make a wrong turn, are forced to take a detour, or decide on the scenic route, and you should too. You need to develop the habit of analyzing your metrics and comparing them to your goals on a daily, weekly, and monthly basis, recalculating as you go. Apps like Waze even let you know when there’s a pothole, or an accident, or police ahead, that you should be aware of and you can make plans for any eventual hiccups in the same way.
Even if you’re taking this trip in your 10-year old Subaru, and that big-time CEO is being driven by a chauffeur in a Mercedes, you’re both on the same road to financial success -- same principles, different vehicle. At the end of the day, you both need to Master Your Numbers to run a good business…. But remember you’re much more impressive.
Are you ready to go? Enroll in Master Your Numbers now.