When a business owner contracts my company for assistance, there is an underlying key guiding factor that is sometimes never spoken of clearly between parties but has to be at the forefront of any action taken to assist the business.
Here you will find what I’ve experienced every business owner has as that key guiding factor and ways to use this key factor to help any business owner achieve their overall objective faster.
This basic business understanding is constantly danced around and from my experiences, only clearly spoken of in closed-door rooms, and only to those that may be able to do something about it.
Here I will lay out what I’ve seen work when dealing with this subject and things you can do that can begin to master the subject for your business.
The subject of income is sometimes never brought up until I’ve entered it into a conversation. As a key guiding factor, income is an excellent health indicator for any company. The subject of how a company generates income and studying this flow from start to end is one of the most enlightening projects our team engages in to find out what is preventing your business from growing at the rate it needs to. It is often rarely spoken of enough to those who matter and in conversations replaced with words such as “value”, “profit”, “ROI” or other words that seem to dance around confronting the word and subject of INCOME.
A quick internet search defines income as: "The amount of money or its equivalent received during a period in exchange for labor or services, from the sale of goods or property, or as profit from financial investments."
Despite the obvious statement that, "Every business needs sufficient income to survive," we have found that none of the businesses we have serviced have provided us with an accurate number of the income required for their survival. In every case, companies fail to fully clarify this key guiding factor and this wastes a tremendous amount of potential speed at which their company could be achieving its goals.
As a top priority, your company should fully clarify this number. And once clarified, it should be broadcasted to your entire team, in the way necessary for them to understand their part in reaching that overall income goal. We have learned that this is a key guiding factor for any business, and our own company thinks of the income goals of companies as our top priority in any action we undertake.
The work it takes to clarify this number and make it known every week must be a top priority for any company to survive and expand. In the next series, we will explain more about what you can do to master the subject of income for your business.
It all starts from there!
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