Time to get off the hamster wheel
Many of us are so focused on where we want to go that we neglect to evaluate where we are. It’s easy to feel too busy to pause and assess your business, but ignoring this crucial step can lead to financial disaster. By taking time to evaluate, you can identify which parts of your business are truly profitable. Start by answering these essential questions: What was your gross revenue last year? What were your profits? How much did you take home? Break it down per month, consider your liabilities, obligations, and incoming revenue for the next six months. Then, share your findings with a trusted friend who can challenge your perspectives. Are you floating or sinking? Share your thoughts and questions in the comments below!
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How many of us can truly determine what our exact location is? Not where you are going, or where you will be, but
where you are.
Are you convinced you are way too busy to take the time and evaluate your business? It really is financial suicide. We all need to surrender and admit that we don't like our current circumstances and something has to change.
You may think you are just too busy to carve out the time to evaluate your business, but it is shortsighted (and stupid) not to. By regularly evaluating your company, you can determine which segments of your business are the most profitable. Let's start the first steps today and take out my favorite thing, a stack of clean white paper and write down the answer to these scary questions:
- How much money did you gross last year?
- What was your profit?
- What was your take-home pay?
- How did you break down per month?
And then...
- Your past liabilities
- Your upcoming obligations for the next six months
- Money coming in for the next six months
Now, call a friend and invite him/her to join you. Take those lists, summon your courage, and show them to your friend. And then, ask your friend to challenge what is on your list.
What do you see? Are you clutching bits of broken boards, floating in the ocean or see sharks circling?
We would love to hear your thoughts, questions or concerns? Comment below.