Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.
🚀 2 Key Metrics to Improve Business Performance
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Hi Reader, Sales and profit are obvious factors that drive your financial performance as a business. But, if you have a leaky bucket, adding more water won't get you very far. Therefore, you need to improve business performance to lower costs, create efficiency, and protect your profit margin, so you can continue growing your business with confidence. Strong operations and execution can patch the leaks. In this article, I share 2 metrics to help you reflect on your business’ operational health: This article is part of my Small Business Money Management Hub – dive in to take advantage of these great resources. Until next time, Michael
Michael Schefman | 321 Liftoff Copyright © 2024 by 321 Liftoff LLC |
Michel Schefman, 321 Liftoff
Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.
Hi Reader, We’ve all seen the flashy promises: “Follow these five steps and watch your business skyrocket!” or “My secret formula will make you rich overnight!” Here’s the truth: sustainable success isn’t built on shortcuts. It’s built on staying alert, making smart decisions, and doing the work. That doesn’t mean opportunities aren’t out there – they are! But the key is to approach them with discernment – the ability to judge well and distinguish between what’s worth pursuing and what isn’t....
Hi Reader, Michael Porter – the godfather of business strategy said: “the essence of strategy is choosing what not to do.” He’s saying that you need to do a few things really well and outsource the rest. You don’t want to overextend yourself. You need to stay focused. But, it’s deeper than that. He’s also talking about building a strategic, competitive advantage over other players in your field. What are those things that you’re known for – that only you can do? For example, if you make great...
Hi Reader, I recently re-listened to an episode of How I Built This with Guy Raz from last year. In this episode, Guy sits down with organizational psychologist, Adam Grant. This quote from Adam struck a chord: "The [entrepreneurs] who managed to have repeat success and bounce back—and forward—from failure are the ones who invest their egos in their future growth as opposed to their present comfort." It’s easy to protect your ego by retreating when you experience setbacks. But real growth...