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As the year quickly comes to a close, it’s important to focus on finishing strong and the fourth quarter is a critical time for businesses.
Imagine spending two weeks in Europe. Now imagine being at ease, knowing that your business is running smoothly in your absence.
Imagine spending two weeks in Europe. Now imagine being at ease, knowing that your business is running smoothly in your absence.
A business legacy is the lasting influence or impact a business and its leaders leave on their industry, employees, customers, and the community after the business has been handed down to new leadership or has ceased operations. It encompasses the relationships built with all stakeholders, including employees, third parties, and the community, an unwavering commitment to excellence, and a strong vision, mission, and values. It’s about the values, principles, reputation, contributions, and culture that continue to exist even after the founders are no longer in the business.
If you own a business, you probably agree that driving cash flow is essential. Who wouldn’t want to enhance cash flow? Like any machine, many different parts contribute to making it run seamlessly and efficiently. For your business, this means having the components that generate revenue, the elements that boost profit, and the strategies that drive cash flow. To operate successfully, you need to focus on driving cash flow along with increasing revenue and profit.
You’re a business owner. You naturally want to have a growing and successful venture. To do so, you need to transform it into a money-making machine. Just like all machines, your business has a primary purpose—to make money. After all, that’s really what it all comes down to. We can have all the passion in the world; we can have a great product or service, but if the business is not making money, it will not survive. But the opposite is also true—if it can make money, you’ll have a financially successful business that you own, instead of owning a high-demanding, low-paying job.
You’re a business owner. You naturally want to have a growing and successful venture. To do so, you need to transform it into a money-making machine. Just like all machines, your business has a primary purpose—to make money. After all, that’s really what it all comes down to. We can have all the passion in the world; we can have a great product or service, but if the business is not making money, it will not survive. But the opposite is also true—if it can make money, you’ll have a financially successful business that you own, instead of owning a high-demanding, low-paying job.
The first obstacle is that the more difficult the situation, the more unlikely you are to have these conversations. And unfortunately, these are the times when you need them the most. The second is that even if you decide to talk about it, you often don’t have anyone to talk to.
I often hear from business owners who are struggling and stressed. They are either burnt out or approaching burnout very quickly. They need to take some time off both for personal and professional reasons. But they hesitate, worrying that if they do, their business will fold, and they will have nothing to come back to. Take it from someone who has seen it work—it can be done, with even more benefits than most can imagine— if it is done correctly.
As someone who is deeply passionate about helping business owners understand how to make their money work for them, I have learned the incredible value of open, honest dialogue. We need to have the often difficult, sometimes embarrassing, and hopefully always empowering conversations about money to truly get to the heart of the matter. But this can be challenging for several reasons. The first obstacle is that the more difficult the situation, the more unlikely you are to have these conversations. And unfortunately…