Success With Financial Skills

December 28, 2006 at 8:49 pm Leave a comment

Financial SMARTS

Financial statements give you a precise measure of how well you are doing.

Successful business owners focus on a couple of key figures, watching how they change over time. The specific measurements change over time and depend upon the business practices you are tracking.

The numbers tell you if what you are doing is working or not. Are they trending up or down? Which way do you want them to go?

If you are not getting the numbers you want or you want to improve your results, dig deeper to determine which functional areas can affect your results.

Once you know what areas to work on, try something new. If you keep doing the same old things you will keep getting the same results.

Success comes from continued improvement. Small increments, over time add up to big improvements.


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The Three Success Factors

I have worked closely with 100’s of business owners and I have seen too many struggle. I have seen what works and what doesn't.

It takes 3 things to succeed:
1. Hard work - and I know you do that already.
2. Knowledge - domain knowledge: you've got that and continue to learn; and business knowledge: this is where everyone focuses and it's easy to find
3. Mindset - This is the killer app. This is what makes or breaks small business owners.

We work on Mindset here at the Business Owners Success Club: how you think about yourself and your business.

When you focus on a business that gives you what you need to live a Good Life and gives others what they need to solve a problem, everything else falls into place and you have a successful business.

Using that as a framework we work on one aspect of business every month. February is "Your Place in Your Community" month.

In March we will open the doors to our online community. Stay Tuned.

Sign up here to play along.


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