I am borrowing today the famous habit “Begin with the end in mind” from Steven covey and I am putting it under spot light!
Many times I ask business owners, “what are your objectives or goals for this year?” And I end up with answers like:
All these are great; however these are tools and means but not goals.
You are not in business to increase sale or to have more products and more stores
And you are not operating to have big teams….
You are in business to be profitable! Except for not for profit organisations….you do what you do , every day, to make more money! This is the end that needs to be in our mind!
If your main focus is growing sales figures, products and team size, it won’t necessarily improve your bottom line. You would be surprised, how many times it does exactly the opposite.
Don’t get me wrong! We are all trying to expand, grow and increase sales, but at what cost?
Begin with the end in mind! Be profit focused! Start with a profit target, exactly from the bottom. And ask yourself, what do i need to get to this bottom line? And build it up! And keep monitoring it.
Keep your profit under your watch in every business decision you take. Does it have positive impact on your profits? Good on you and go for it! Does it have Nil or negative impact on your bottom line? You may need to reconsider!
So…if you look now at your business plans and decisions this year, did you Begin with the end in mind?
Let me know your thoughts! Equip yourself with all the decisive information with a certified business consultant in Sydney by your side.