Know your business

I would like to share a quick thought and tip with you. I have been working with a client for the past few weeks and it never ceases to amaze me that business owners who have their houses guaranteed their houses and their whole livelihood and their families security is tied in their business not know their business. They didn't know what assets they were holding their legal structure or what contracts they had. What made it more astonishing was that the contracts were the majority source of income, depending on how they were set up they would be entitled to different revenue, either fixed fee or a fixed fee plus a percentage of their revenue.

It is important you know your business, if you don't who do you expect to? Knowing your business will enable you to know where your revenue is coming from what drives it. When you don't know why your revenues are falling due to the simple fact you have no idea what causes significant variations beyond falling sales you are not in a position to turn your situation around.

Time and time again I see the same thing, take the time to look into your business understand how it works, it may have changed significantly since you started it. The time you invest now may well reap you greater rewards than you expect.