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October 05, 2005
Do your homework
Here's something microbusiness owners are famous for.
We get so wrapped up in producing our product that we forget about the need to run our businesses.
Or maybe we don't forget. Maybe we just decide that the numbers and the dollars-and-cents stuff is just no fun, so we avoid it as much as we can.
That can be a mistake. Especially when the short and/or long term prospects for the economy are shaky, it pays to plan.
I've just spent a few days here working up my 2006 budget and cash flow projections. I think it would be more fun to have my fingernails pulled out slowly, one by one. But, now it's done, I have good ideas of when I'm going to need extra cash for upcoming projects and where that cash will come from. And I have some sales and revenue goals to shoot for.
Once again, I'm reminded of that pearl of wisdom shared by SBA Administrator Hector Barreto: you get what you measure.
If you avoid doing your business chores, then you're measuring nothing. And, if you measure nothing, nothing may well be what you end up with.
Posted by The Journal Blogger at October 5, 2005 07:24 AM
