One of the key ingredients of a successful business is planning your way to business success and growth. This is often thought as complicated and time consuming but much of it is common sense. Business mastery is you controlling your business, not your business controlling you.
Business mastery is often broken down into a number of components:
The result of implementing these elements is a business owner operating a commercial, profitable enterprise that works WITHOUT you.
With ProfitPlus focusing on the business numbers as a way to stay in control and grow your business in this article we are going to focus on Money Mastery.
Money Mastery can be broken down into four key components:
Know how many sales, customers or pounds (£) you need to make per day to break-even. And then how many to achieve your profit goals.
Profit Margin Mastery
Do you know which areas of your business generate the most profit? Many don't so it's important to know which ones do and focus on these, limiting or removing those that make little or no margin. You can set a profit margin budget focused on the saleable items in your portfolio that give you the largest margins for profit per day, week, month or year and implement strategies to get there.
It's vital to know your numbers each day, week, month or year so you can make decisions for the future. This reporting can be done in several ways; through having a live updatable business plan or simply having a spreadsheet which you can review weekly, monthly or quarterly in a quarterly business review - something which is vital to grow your business which is why ProfitPlus hold regular 90-day planning workshops.
Test and Measure Mastery
By testing and measuring you can see which strategies work and with don't, and focus on those that do. This will save you time and unnecessary expense and optimise your business.
You can predict future profits by measuring the KPI's in your business.
Couple and action Money Mastery with the other Mastery components and this will result in everything running smoothly and your business will grow as a result. It's time to enjoy the fruits of your labour.
If you would like to discuss your business planning and growth needs please contact me here. ProfitPlus are experts in business planning and business growth . We offer unique services that combine creating a business plan coupled with business coaching programmes such as our 90-day PlanningCLUB’s, find the profit and cash flow programmes. We provide interactive planning and business tools to help you through your business planning process simply and effectively. Our two-day planning workshops result in outstanding 1 or 5-year business plans, created in just one or two days, to help you develop and plan your business for success, giving you higher profits (and more salary), more time away from the business, greater cash flow and increased value.