Keeping a close eye on a business is of major importance to any business, which may seem obvious, but it\u2019s surprising how many business owners have no idea of their month to month performance.\u00a0 All well run enterprises, be they a small Mum and Dad caf\u00e9 or a large conglomerate, have their finger on the pulse.\u00a0 With the new Xero accounting system recently becoming popular, it is now even easier to find one\u2019s \u2018Key Performance Indicators\u2019.<\/p>\n
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All business coaching starts with an assessment of the current financial position of a business and then starts a programme to improve each performance category.\u00a0 Bookkeeping is the bain of most business owners lives, especially \u2018first timers\u2019.\u00a0 Often a new business owner will decide to do their own bookwork, which will be the first mistake they\u2019ll make.\u00a0 Spending time on bookwork might save them the cost of a bookkeeper, but it is a false economy.\u00a0 Delegating such non productive, mundane necessities is the first lesson for a new owner.<\/p>\n
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Often, the first timer will try to do everything themselves, not just bookkeeping, because they feel it will reduce their costs.\u00a0 In reality, it restricts the growth of the small enterprise to such an extent that the business quickly reaches its maximum turnover and can\u2019t grow any further, because the owner can\u2019t or won\u2019t move on from the mindset of a \u2018one man band\u2019.\u00a0 The only way a business can grow is to employ more people, which involves risk.\u00a0 So many new business owners are very tentative when it comes to taking on more risk, but it is the only way to expand the potential of the business.\u00a0 The French word \u2018entrepreneur\u2019, literally means \u2018risk taker\u2019.\u00a0 If a business owner doesn\u2019t feel comfortable taking the risk, the business will quietly stagnate and once it starts to stagnate, their competitors will then get the edge on them and then the business starts to rot.<\/p>\n
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All businesses have to be in a growth phase, continually, otherwise they are heading south.\u00a0 There is no such thing as \u2018cruising along\u2019 or \u2018coasting along\u2019 in business \u2013 its either increasing or decreasing.<\/p>\n","protected":false},"excerpt":{"rendered":"
Keeping a close eye on a business is of major importance to any business, which may seem obvious, but it\u2019s surprising how many business owners have no idea of their month to month performance.\u00a0 All well run enterprises, be they a small Mum and Dad caf\u00e9 or a large conglomerate, have their finger on the […]<\/p>\n","protected":false},"author":1,"featured_media":823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,19],"tags":[],"class_list":["post-818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-news","entry","has-media"],"yoast_head":"\n