Successful business owners are connected to their financials. They know what it takes to be profitable so they can make intelligent, strategic and smart decisions.
Yes, business owners hire accountants to balance the books, but they know enough about the books to know what they should look like.
Those with a business mindset keep their fingers on the pulse of the pricing trends in the marketplace. This way they always know how to make their offers competitive in regards to value offered.
Business owners who are cultivating their entrepreneurial mindset are aware of what they need to accomplish to be profitable. And they focus their activities on those that will get them there the most efficiently.
Are you connected to your profitability? Take this quick quiz:
- Do you know what your profit margin is?
- Do you have a handle on your business cash flow?
- Can you articulate your competitive advantage?
- Are your sales goals written down?
- Do you know where you are on your way to those goals?
- Do you know what your key profit indicators are?
The more “yes” answers you have, the more connected to your profitability you are.