How do I improve my business?

What are you thinking about your business? Do you see yourself succeeding or just surviving?  However you see yourself is the way your business life will turn out. Learn more in this week’s blog.

You get what you pursue. But how do you get your business going in the direction you want it to go?  It all starts with your thinking. 

Your thinking gets you to action. Your thoughts determine your direction.  The direction you take provides scenery that will attract you and get your attention. 

Car buying is a great example of this. Have you ever noticed that when you start to consider buying, the more you look around, the more you see and notice the model you’ve chosen?  It is not that there are more of that model on the road, it's your thoughts, focus and direction pointing them out to you. 

Use this same principle with your business. To improve cash flow and profitability, start by focusing on the specifics that will help your cash flow move in the right direction.

Focus on these specifics, using the question to start your thinking:

Spending patterns

Have you picked up any bad habits in your spending?  Are you buying in a large enough quantity that you should be getting discounts?  Are you making purchases because of lack of organization?  These may seem to be small items, but when you start putting them together, they start to become significant.

Material prices

Are you getting the best prices on the things you are buying?  Have you checked your pricing lately?  Can you use a supplier that will give you better pricing and volume discounts?

Efficiency 

When is the last time that you examined your processes?  Is there a more efficient way to do what you do?  Is there a new piece of equipment that you can buy that will make you more efficient?

Capital needs 

Is there equipment you need or want to buy?  Have you started saving so you can purchase it without debt?  When will you need to replace your existing equipment?

These questions are to get your thinking started.  You have great knowledge of your business, pick those areas that you know are key to your success.  Then start looking at everything else about your business and you will start noticing the important items in your business.

One of the best ways to focus your attention on these specifics of your business is to take the time to prepare your annual budget. When you do a thorough job of researching and completing your budget, you will not only end up with a roadmap for your business for the year, but you will also focus your attention on the specific items that will make your business more profitable in the new year!

Budget now while you still have time.

Sign up for my weekly blog which provides you with the specifics for preparing a good budget for your business.

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To learn more about cash flow and budgeting, sign up for my upcoming free online Cash Flow Workshop HERE.  I will email you when the next workshop is scheduled to begin as well as sending you a link to each new weekly post in the Budgeting Essentials Blog! I will be teaching my Cash Flow Workshop soon, so don’t miss it!

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God Bless your week!