Business Mentor Tip #43 – Get real…

March 7, 2012Post by Laura Humphreys

Here’s a quote from Abraham Lincoln:

“How many legs does a dog have if you call a tail a leg?  Four.  Calling a tail a leg doesn’t make it a leg.”

In other words, don’t kid yourself you are something you are not.  In business it’s all too easy for us to convince ourselves everything is alright.  That we are running a wonderful business (just because you are telling the world you are doing famously, doesn’t mean its true) and will one day be millionaires.  Here’s the thing… you have to know what’s really going on with your business.  You have to know what your targets are, what your breakeven points are, what your margins are and how you are tracking against all of these.  Don’t leave it to the end of the year to find out if you are making money or not.  Do a reality check on your numbers right now.  Get your foundations strong… then blow your targets out of the water!

 

 

From the desk of liber8yourbusiness. Business mentors and experts in small business exit strategies.  Based in Wellington, New Zealand.