Our good friend Sandra Kozusko of CFO Professional Services, PC spoke at the Chesterfield County Chamber luncheon last week. She spoke about a topic near and dear to the small business owner's heart, keeping a competitive edge in a sluggish economy, Not that I am saying we have a sluggish economy or anything!
We at The Growth Coach heartily concur with Sandra's perspective, that it is important to know your numbers in order to remain competitive. She equipped the audience with "4 Knows" that each business owner should know about his or her business. Here goes:
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Know where you are making the most money then perfect it.
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Know what marketing avenues have given you the greatest ROI and keep doing it! (Don't cut marketing expense to zero!!)
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Know where you can cut expenses and cut now.
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Know where you stand on your year-end taxes today. Don't wait and be surprised with a big tax bill or miss opportunities for deductions.
This is great advice. I would all one more "know" that is:
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Know your receivables and manage them aggressively.
I find that my most successful clients know their numbers and manage to their numbers. Determine the key metrics for your business and keep a close eye on them - especially during sluggish economy. Your Thoughts?
Please visit CFO Professionals at http://www.cfoserv.net/ They provide accounting solutions for small businesses.
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