Did you predict an end of year profit in January?
If you didn’t, why not? What are you afraid of? What do you fear will happen if you throw a number at it and don’t achieve it? Or, what if you surpass it?
Every year we hesitate to forecast the numbers for the next year. Why? Let’s look at it:
- Do we feel the whole process is out of our control?
- Are we dependent on the economy?
- Are we dependent on the stock market performance?
- Does it depend on how certain employees will perform?
- Does it depend on how you’ll perform?
- Will the government shut down and affect your business?
- Are you vulnerable to a supplier on the brink of a buyout or failure?
- How about your biggest customer, are they on the fence with switching to another company?
- Is global competition going to price you out?
- Are you unable to find qualified help?
These are all very valid concerns that all businesses face. The question is, should they affect our outcomes? Sure, they make affect our volume in revenues, but depending on how much control you have over your company, they should minimally affect it. Your profitability is controllable. You just need to ask yourself the right questions, contemplate different scenarios and develop strategies for each that protect your profitability.
Leading Edge Business Strategies is offering a 15% discount for any company that wants to guarantee their bottom line for 2017. This package includes coaching for budget development, scenario creation and strategy formation. You’ll be provided with a monthly budget that you can use as a road map for your business throughout the year. You’ll have predictable monthly profits to use as benchmarks and be able to make adjustments as you work through.
Make this year a year of predicted success. Call today for a free consultation and quote.
(207) 577-1948 or email: firstname.lastname@example.org .
Quotes are based on company size, number of employees, revenues and sales structure. All quotes are written showing fee, discounts and net payable amount.
Sneak a peek at my answers to the questions above on page 2.
Suggested answers to questions from page 1:
- No. The process of developing a budget should be completely in your control. You have the reins of everything about your business. If you don’t, who the heck does? It does not just happen. You make it happen.
- No. When the economy improves, our revenues go up and vice versa. Our profitability can remain the same when we take those reins and control the horses. With enough planning, your profitability should improve when the economy improves, but profits should not go down when the reverse happens.
- No. The stock market affects investors. It influences how people think about the economy. It scares people when it nose dives and makes people happy when it skyrockets. But pay attention to what you do best in your business and your customers will keep coming.
- No. If it does, sell them the company. They should not have that type of control over your bottom line.
- Yes. You are in charge and have the power to affect your bottom line.
- Yes. It’ll affect your revenues (income) but you still have control of your profitability. Make adjustments. I know that’s not easy.
- No. You should know your supplier well enough if that will happen. Make a decision if that should be your supplier going forward if that is the case.
- No. Just like your biggest supplier, know your biggest customers as well. You should know most of your customers well, but know them like family.
- Probably. What is your strategy ‘in case’ that happens? Be prepared for your competition making changes.
- No. Treat your help fairly and pay then well, offer them good benefits and they’ll take care of 1 through 9 by default.