Financial Planning...one of the best and worst aspects of starting a business. Everyone loves the creative process of starting a business and dreaming about how profitable the business will actually be.
We love to come up with the logo, the slogan, and the marketing strategy, unfortunately that's where a lot of people's business plans stop. In this episode Sister Phylecia Tarael-ANU gets down to the nitty-gritty when it comes to actually getting a business off the ground.
She had eight points in the show and she started off by saying that the most important aspect of starting a business is coming up with a realistic plan. You can't just say what you want to do without going through the steps of planning. A lot of people make the mistake of having a good idea but not actually making a plan for that idea to come to a reality.
The show went on to explain how your business has to be diverse and to not become complacent what your idea or your business strategy. She went on to explain how Coca Cola was a successful business but they only offer the one product. They were successful but were beginning to lose money and customers because they only did the one thing. So what they ended up having to do was diversify the business. Now they offer energy drinks, water, and other beverages in order to stay competitive in the market.
She mentioned that she and Damon Rawls were big on speaking abundance into your business and into your plans, but in the same breath setting realistic goals. In order for your business to thrive, you must have realistic goals. You can't base your goals off of a wish. Then she mentioned that you can't expect to make a million dollars when you only made $18,000 the year prior.
She said the best way to set realistic goals is to look at the profit that you turned the year before and base your goals off of the money that you made then.
You have to take charge of your success to make sure your business stays profitable. You also have see what all you can cut back on. Sometimes in business is not all about what all you can do is about what all you can do without.
She concluded the show with a good topic about how it's not good to be stagnant in your business process. You have to adjust with the times and you also have to adjust for the competition.
You can't just sit back and be repetitive with your business strategy. You have to mix it up and make sure that you're staying ahead of the curve. This was an excellent show. This show will motivate you to take action or make you rethink your decision of being an entrepreneur. Either way it's a beneficial show that you can check out at the link below.