A Known Financial Position – What I call KFP – is essential to your success and profitability. “Known” is the key element. It may be that you are losing money, or deeper in debt than you would like to be. Find out how much and how deep. That’s what we focus on in the Making Money section of your Biz Plan. The financial reports are the Scorecards in the game of business. You can always improve the score. But you must know where you are right now. Additional exercises include: Budgeting, establishing your Selling Prices, and sound Month End processes for staying at KFP.
For more on Making Money, check out these blog posts…
- 4 Ways It Pays To Accept Credit Cards
- How Much Should You Pay Yourself From Your Small Business?
- How to Clean Up Your Payroll
- 7 Tips to Dig Out of Debt
- Even the Best Tools are Useless in Unskilled Hands
- How Do I Win the Mega Millions?
- Four Myths That Can Sink Your Business…
- The Sweet Spot Job
- Down with DEBT
- Katherine to Warren: I need financial help.
- Getting to KFP Exercise
In my experience as a business consultant, I’ve found that nine out of 10 business owners don’t know where they stand financially. There are a couple of reasons for this.
- They don’t know how to keep score.
- They are afraid to look, because they don’t want to know how bad it is.
Be in the 10%! Work through the Making Money exercises so you can operate with financial power!