Determine your business vision and your starting point
from Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
How to Apply This
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Check your bank balance and see how much cash you have on hand.
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Check your cash flow statement and understand your cash inflow and outflow.
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Determine and write down your vision and target market for your company.
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Determine and list all new products or services you recently added to your business.
This will give you an overview of how far you are from point B: reaching your vision. -
Calculate how much your costs increased when you added those new products and services.
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Commit to yourself that you will run a profitable business. Write down your decision on a whiteboard.
No matter how bad your business looks right now, there is a way to fix it. Nothing is permanent. Change is the only constant.
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