Every business owner knows the importance of a business
plan, concrete goals, and tracking your "measurables." We've
read about these things, and we believe in them.
Unfortunately, a huge number of business leaders do
everything except monitor their progress.
This is the start of June. What does that mean to you as an
entrepreneur, manager or owner? It means it's time to sit
down, check the numbers, monitor your progress and see how
you're doing.
I am a huge believer in tracking the numbers. Since I'm a
visual learner, I love big wall charts. I use colored
markers and graph everything. I graph sales and profits. I
graph subscribers to TIPS, visitors to my website, and
progress toward personal goals such as days off, weight and
fitness goals, and so forth.
In your business, there are a handful of critical
measurables. Typically, these include gross revenue, cost-
of-goods-sold, and net earnings. Depending on your specific
enterprise, you may chart employee productivity, sales
calls, or any number of other variables, but it is essential
that you track (and monitor) the key ingredients to your
success.
Back in January you set targets for all of these things.
(You did set goals for the year, didn't you? If not, please
contact me and I'll coach you to get started immediately!)
In June, it is not always necessary to be half-way to your
goals. Retail organizations, for instance, may do a third of
their annual volume during the Christmas rush. But we are
half-way through the year and it's the perfect time to
review your progress, assess your situation and make
adjustments.
Crunch the numbers. Take a day to calmly evaluate your
progress. Are you where you need to be? Have business
conditions changed, and if so, how will you adapt? If you
are where you need to be, congratulate yourself—and your
staff! And if you don't like what you see, now is the time
to do something about it. Do not wait until December to say,
"ooops!"
It's June. Are you half-way there?
Quotes of the Week
"Be faithful in small things because it is in them that your
strength lies." -- Mother Teresa
"How wonderful it is that nobody need wait a single moment
to improve the world." -- Anne Frank
"How many cares one loses when one decides not to be
something, but (instead) someone." -- Coco Chanel
"Freedom is actually a bigger game than power. Power is
about what you can control. Freedom is about what you can
unleash." -- Harriet Rubin
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