No, this isn’t an article about law enforcement or concealed handgun training. Did you know that the term “armed and dangerous” is very applicable to business? As a business owner, if you are not “armed” with excellent information about your business, including your own financial and operational performance and your relative standings in your market and your industry, you are indeed “just dangerous.”
Do you understand whether your business is operating and performing optimally (and no, having a decent bank balance is not a good measure of optimal performance)? If you are not armed with this information, then you don’t have the information you need to make smart, informed decisions that impact the future of your business.
You may be thinking, just what sort of information do I need to know whether my business is performing optimally? This list is not comprehensive, but it illustrates the sort of information you should know about your business:
- Do I know how each of my product or service lines are performing financially?
- Is my pricing strategy reasonable and acceptable to my customers?
- Am I efficiently converting sales to cash?
- Am I using my cash wisely?
- How effectively are my production assets (including workforce) working for me?
- How is my business performing compared to others in my industry?
- Are the capital investments I’ve made giving me the return on investment I expected?
- Do I understand how a potential investor or buyer would view my business?
Don’t go around being “just dangerous” when you can be “armed” with the information you need to ensure the future of your business.
Visit our website (www.tbsi.consulting), then give us a call at 866-960-0428, Ext 702, to discuss how we can help arm you with more useful, more meaningful information to grow, groom or get the most out of your business.