Be Fit for Life – Be Fit For Business!
We invest significant hours of our time in keeping healthy and fit. We go to gymnasiums, pump iron, run on treadmills, take spinning and Zumba classes. Others amongst us do fun runs, tai chi, triathlons or yoga. People everywhere are exercising to either get fit, lose weight or prepare for an event; embedded in these efforts is an increasing concern about our sedentary habits, health issues and general well being.
On television we are seeing an epidemic of advertisements for vibrating platforms, ab king pro, cardio twister and the good old standby the treadmill. It is a huge industry built on people wanting to feel better about themselves, their health and their capability.
When we utilise personal trainers and facilities like Fernwood we are investing in ourselves and we have a self realisation that being involved in a program is much better than trying to do it all on one’s own. Our coach keeps us going when we hit the wall they cajole us to do that little bit more each time so we can achieve peak performance in our chosen objective.
Do we apply the same intensity and commitment to our business life?
I would suggest not. To be fit for business we need to apply ourselves with the same level of intensity and commitment that we apply to our health.
We need to work on our businesses, not in our businesses, we must strive to achieve higher and higher standards and goals and not be satisfied with the status quo.
So to be fit for business here are 6 areas to focus on to get your business (and you) Fit for Business!
Be Fit 1 – Business Plan: So many businesses have no plan for what they want to achieve in their business. Alice in Wonderland summarises it quite well:
Alice: Would you tell me, please, which way I ought to go from here?
The Cat: That depends a good deal on where you want to get to.
Alice: I don’t much care where.
The Cat: Then it doesn’t matter which way you go.
In short, if you don’t really care where you will finish, don’t worry about having a plan, or roadmap for your business.
If you do want to take your business to a specific point, whether it be profitability, sales growth or expansion you should have a plan such as our 2 page mini plan that outlines the key milestones you need to reach to achieve your goals.
Be Fit 2 – Cash Flow: You need to know where the cash that fuels your business is coming in from and going out to and how much is staying in the business to help it grow. Once you know this you can then plan for the next months to ensure that your business will be stable; action steps will be created to make sure you achieve your cash flow objectives.
Be Fit 3 – Bank Reconciliation: Many businesses don’t understand the importance of reconciling what has gone through their bank accounts. Until you have done this you cannot be sure about any of your business numbers. You should also, particularly if you outsource this task each month, make sure you examine the reconciliation and compare it to the previous reconciliation.
Be Fit 4 – Profit Reports: Your profit statement should be prepared each month, no matter what size business you have. Many businesses leave it to their tax specialist when their tax is calculated; this could be many months after the event. You need to know what your profit is now so that you can take actions to change what’s not working and ramp up what is working.
Be Fit 5 – Break Even Point: You must know your breakeven point. When in a month do you start making a profit? How many coffees does the local coffee shop have to sell to start making money, when during the week, month, quarter does this happen? Once you know this you can take action to change the game and have a better run and more profitable business.
Be Fit 6 – Business Coaching & Mentoring: Like your fitness coach, your business coach will help you keep on track to achieve your goals. It is so easy in small business to put a task to one side because of the need to run in the business. Your coach will hold you to your commitment to achieve a set task by a set time. You will work on your business – and you will be fitter for business because of it.
So there you are – Be Fit for Life – Be Fit for Business
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“Brian not only gave me the strategies I needed to kick start my new business, but also helped me see potential in my new enterprise that I hadn’t even considered. As a result of my Kick Start Workshop with Brian, I am succeeding in my first year and building a business that has the earning capabilities way beyond my initial expectations.”
Nicole Crammond, Augustus Media.
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Astute Business Coaching has a range of affordable coaching programs designed to coach you to business success and improved profits. Visit our site to learn how you can improve your Geelong, Surfcoast, Melbourne or Western Victoria business.