This post is for you if you own or manage a business (or plan to some day).
Over the years, I have learned that it’s wise a couple times each year to step back from your day-to-day role in your business and look at things in a more big-picture, strategic kind of way.
I wrote an article for the Business Bank of Texas recently where I set out 8 great ideas for you to consider as you take that bigger picture look at your business. Here are the 8 topics.
- Stop doing things that lose money.
- Learn what’s really going on with your cash flow each month.
- Pick an important business process to simplify.
- Create monthly cash flow projections for the next six months.
- Use your monthly financial reporting process in a more strategic way.
- Decide that accurate monthly financial statements are better than inaccurate ones.
- Create a written capital expenditures plan.
- Put yourself in the shoes of an investor or lender.
I know it’s difficult to think strategically and big-picture when you are down in the weeds of your day-to-day work. But it provides you a golden opportunity to rise above the daily challenges and open the door to some exciting new improvements that only need one thing to become reality… your decision to make it happen.
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