We all have our reasons for being in business - what are yours? And more importantly, what do you want to achieve next with your business?
Why what you want matters
As the owner of your business, your business exists to serve you.
As the leader of your business, your passion and commitment to your business, or lack of, influences your whole team.
Therefore it is important to clarify your personal goals for your business, before working on the business goals you will share with your team.
So, what do you want from your business?
Increased profitability and cashflow?
Are you working hard, but not seeing the financial rewards?
Growth?
There is no point growing your business, if the headaches are only going to grow too. Why is growth ...
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Harness the double wealth power of your business
Building a business is an effective way to create wealth as it offers two ways to create wealth:
1. Providing an income to you as owner. Income is the profit your business earns from its day to day operations after everyone has been paid (including you, for your work in the business).
2. Increasing the value of your business. Value is the price someone would pay, to buy your business.
Profit and value are related. Value is largely, but not solely, influenced by profit. Here are two strategies to increase the profit and value of your business.
Strategy 1: Establish yourself as a profitable business
Here are some basic guidelines:
1. Establish a real profit
In your sale price, ...
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How to make discussing performance easier
John Petry, a participant on one of our training courses, gave us this great idea and has generously allowed us to pass it on ever since.
Every Friday, John gives out the 'Chocolate Fish Award'
A chocolate fish is given for the most outstanding act by an employee during the week.
Outstandingly good, or outstandingly bad.
The Chocolate Fish Award is usually fun and has some serious benefits, it:
recognises achievement regularly and positively
makes it OK to acknowledge mistakes, and encourages "what to do next time?" thinking
provides staff with a neutral name and way to discuss performance - “oh you must be aiming for this week's chocolate fish" Or "what a doozey! That will be this week's winner for ...
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