It is thrilling to have a business that is self-sufficient and self-supporting, to get your business that way, pay attention to the details.
When most entrepreneurs dream about owning a business, they dream about having a business that provides sufficient income, at a minimum, to support itself. The dream is that the business will provide sufficient income so the entrepreneur does not have to work for another business in order to have a dream lifestyle.
A business does not become self-sufficient and self-supporting by accident. If you want your business to be self-sufficient and provide you with support, you must learn to pay attention to the details.
When a business is new, it is common for the business not to be self-supporting. With a new business, it is common for the entrepreneur to contribute equipment and cash to the business on a regular basis. Many entrepreneurs work a job in addition to running their businesses in the early years because the business is not self-supporting.
As a business matures and grows more successful, it becomes self-supporting. Instead of the entrepreneur putting money into the business, the business is able to give the entrepreneur money. One important step in moving from a new business in need of cash infusions on a regular basis to mature a mature business that is able to support an entrepreneur, paying attention to the details.
When running a business, there are a lot of details that one must pay attention to. A few of these details include:
- Employee turnover rates
- Accounts receivable and payable
- Cost of goods sold
- Break-even point
- Cash flow patterns
- Taxes due
Most people have heard the expression, “the devil is in the details.” I do not know if that is true or not, but the success of your business is in the details. As an entrepreneur it is important to realize that you must work. Entrepreneurs must pay attention to what is going on in their businesses in order to succeed and grow. It may not be fun to pay attention to the details.
Most people go into business to do the business does, not knit pick business details. However, that does not matter. Part of the price one pays for being a successful entrepreneur is doing things that are not fun. Being an entrepreneur is a job for grown ups and grown ups do the work that is necessary to make the business a success.
Sit down today at your office space and look at your business with the cold calculating eyes of an outsider. Look at all the details of your business. Which areas of your business need special attention? Which details tell you the business is doing well? Do any of the details show your business is in trouble? Look at the details and then take action based on what your study shows.
In conclusion, it is thrilling to have a business that is self-sufficient and self-supporting. To get your business that way, pay attention to the details. So, the question for you this thrilling day is, what are you doing to make sure your business is self-sufficient?