GROW! GROW! GROW! Isn’t that what every business owner thinks he/she is supposed to do? But what if you feel stuck? Or what if growing right now is not the smartest decision for your business? Or what if you don’t know what you’re supposed to do next? Maybe you’ve been working at it for years and are just looking for some inspiration to keep going. Or maybe you’re an experienced business owner who is looking for new ways to find your top clients or integrate with a changing market. Here are three foundational pillars to focus on in your business, regardless of your current situation.
Do business with integrity
Having integrity as a person means you are honest, you have strong moral principles, and your actions align with being honest and moral. The most successful business owners know what their core values are. They communicate those core values with their employees. They hire, review, promote and fire based on those values.
And the most successful business owners know that their top clients also share their core values. These top clients resonate with you and know you identify with them. This mutual connection based upon shared integrity creates a win-win situation.
Your personal and professional integrity will attract like-minded individuals who will share their experiences of working with you with others providing growth for your business.
The fear of failure is the number one fear of entrepreneurs. But despite how terribly final it may feel, failure is not the opposite of success – it is a crucial part of success.
Our challenge is not to allow the fear of failure to paralyze us.
Many entrepreneurs don’t really understand how to succeed in business. We know our dreams and our products or services and the good they can do, but running a business has twists and turns we are often unprepared to face. We’ve been told that we need to be strong and smart, but when things go wrong (and they will), we don’t always know what to do next.
Bouncing back from a failure doesn’t always come naturally. We often play it safe and stick to what we know, which stops us from growing our business or reaching our goals.
We stay stuck on one thing because it’s comfortable and familiar… even though it might be holding us back from where we really want to be.
So accept the failures that are certain to come. Learn from them. And look for the opportunities that follow. Acknowledge that the fear of failure is real and powerful – but not strong enough to permanently paralyze you from pushing forward.
Adopt Profit First
The truth is that many businesses are not profitable, and it’s not because they’re doing anything wrong. It’s because they’re doing everything right. They’re building their products and services with care, delivering them to customers in a way that makes them feel valued, and providing incredible customer service. And yet they still struggle to make ends meet.
That’s because the traditional system of accounting is built on a foundation of scarcity: the idea that there is never enough money to go around and, therefore, we have to compete for it. That system encourages us to spend money before we make it so we can keep up with our peers or fall behind them. It makes us believe that we’ll never get paid at all if we don’t pay ourselves last.
What if there was a system where you got paid first and then spent what was left over? What would happen if you could choose whether or not you wanted to spend money on things like fancy offices or expensive new equipment?
Adopting the Profit First method will help you create a pipeline for your income stream so that you’re always making sure money is flowing into your bank account at the end of every month—and it just might be one of the most heroic things you can do for your business! Visit here to read more about Profit First and Profit First Professionals.
About Sum of All Numbers
We offer professional bookkeeping, consulting services, and financial training programs using the Profit First system to help entrepreneurs save time, money, and stress. Call us today at (888) 564-5777 or schedule an appointment here.