Why wait to have success you can enjoy now? The sooner you get started, the sooner you can enjoy more freedom, less stress while making more money to achieve your goals.
The time to plan for your business exit is from your business’s inception. It is never too early to start planning and implementing strategies that will strengthen your business so it will be more enjoyable to run and provide more freedom and flexibility, while increasing its value exponentially.
When you wish to go on vacation, or if one of your key people were to have a tragic accident, or if you decided to sell your business, do you have a succession plan completed and implemented within your organization?
A core component of Strategic Essentials is the customized business consulting services we offer that are designed specifically for the small and mid-sized business owner. With years of experience of successful business ownership under our belts, plus years of development and training in the Leadership Management programs, we are able to combine real-world business experience with powerful assessment capability, as well as the tools to empower the small and mid-size business through ongoing growth and education in every aspect of business.
We know that long seminars and lengthy lectures don’t work. So what we do is different. We offer short, action-oriented sessions held on a regular basis. And we do it at your workplace – eliminating costly travel expenses and major down-time for your staff.
By Valerie Cardenas Step 1: If You Can’t Measure It, You Can’t Manage It. Understanding the old adage that cash flow is “King” and “Queen” and knowing your business numbers inside and out will assist you to make effective business decisions that can lead to improved cash flow. Cause for consternation can be thinking that your cash balance in the checkbook should be the same as the Profit and Loss (P & L) net profit. While your true cash balance is reflected on your Balance sheet, it is not reflected on your P & L because it is only one component of your cash flow. Cash flows are affected by Accounts Receivable, Inventory, Accounts Payable, Capital Expenditures, Borrowings and Debt Service and Other Timing Differences. Some questions you can ask yourself that may uncover undesirable items that have an impact actual cash balances: Is your pricing in line with your fixed business overhead, regular expenses, and desired cash for growth and profit margin? Who are your largest customers and are they paying on time? What percentage of your total revenue relies on those customers? What is the cost of managing your high demand customers? Are they worth keeping? Are you overpaying for services whether it is employees, independent contractors or vendors? Do you know your payroll and corporate tax numbers so they can be paid on time and still meet other goals? With a good understanding of your numbers, you will enjoy more confidence, peace of mind and more income to the bottom line!
Genuine goal setting is the first step toward positive, deliberate action. Although goals are often imaginative and visionary, they are always a prelude to action, a track to run on, a course to take; they are never a substitute for reality. They are an expression of your noblest qualities; they are an exercise of your desire for personal leadership – the desire to be a bit better today than you were yesterday, and the determination to be even better tomorrow. To set optimally effective goals, you need standards to follow. It is like playing basketball: you need to know the object of the game and the rules; otherwise, you would not know whether to run with the ball, kick it, throw it, or roll it. For your goals to have the magnetic attraction that draws you toward them and propels you toward success, follow these principles of goal setting – these “rules of the game”: 1. Your goals must be your own personal goals. It is obvious that you are more likely to accomplish goals you choose for yourself than those urged upon you by others. But your goals must also be “personal” in the sense of “private.” If you know that your goals plan will be seen by someone else, you may tend to distort it to impress others instead of to satisfy your real needs. Unless they are based on your own internalized values, your goals will have little or no meaning, no appeal and no value. 2. Your goals must be stated positively. Your mind functions through mental images; you literally “see” through the mind’s eye a picture of each thought. A goal expressed negatively eliminates a mental image, and the mind cannot picture a void or a vacuum. Take a simple illustration. You may say, “I’m…
While no two leaders possess exactly the same personality or leadership style, effective leaders generally have many of the same characteristics. They frequently a contagious enthusiasm for life, a genuine concern for others, an enhanced clarity of purpose, and a firm commitment to the achievement of worthwhile, predetermined goals. The magnetic force of effective leadership is a tool which draws on the ability to arouse in followers a desire to be like the leader – or to possess some of the admirable qualities and personality traits seen in the leader. Effective leaders bring out the best in their team members. To do so, they employ leadership traits which can be divided into three major areas: attitudes, behavior, and people skills. How You Think Goal direction. Effective motivational leaders define clearly the goals they want to reach, visualize them vividly, and work toward reaching them with intensity of purpose. Self-motivation. Never feeling compelled to wait for someone else to tell them what to do, effective leaders rely on their own decisions and actions. Self-motivation propels leaders into purposeful and productive action. Insight and judgment. Determined, effective leaders apply their general intelligence and common sense to the task of learning what works, and what does not work. This trait, practiced efficiently, allows leaders to move ahead without wasting time before making a decision or taking action. Competence and action. Effective leaders face problems and do something about them. They often find themselves in new or unfamiliar situations without guidelines to follow or established patterns to give direction. They are forced to devise creative new paths to their goal, new methods for attaining their purpose, and new ideas for achieving success. Leaders know that some ideas and actions will prove unworkable. Effective leaders rebound from temporary setbacks, risk trying the next creative idea…