Business from 30,000 Feet: What You Need To Know

Have you ever stopped to step back away from the company with which you are molding and shaping to really see what is going on? To get above the trees so to speak? Is the company headed in the right direction? What is the financial statement really telling you? Are you spending too much of your time in the company rather than working on the company?

These questions are all valid for any entrepreneur at any stage of development of a business. It could be the within the first five years or in the twentieth year. No matter when, it is important to zoom out to 30,000 feet to gain a new perspective on the company you are so hard at work creating.

3 Tips to Help Zoom Out

3. Bring in An Outside Consultant

This one is pretty simple. An outside consultant can assess your business and will be more likely to see where there are gaps and short-comings because they are not vested in the company. It can be quite easy to keep your head and work work work, not realizing you may be creating a problem in the long run for the company.

2. Understand the Systems within the Company

I wrote a post entitled “Are You Creating A Business System Or Just A Business” back in January of 2009. In the post I explained how understanding that creating systems can help to better manage and run a company. If you do not have systems within your company, now is the time to implement them.

One of the best examples of a business system at work is McDonald’s. Whether you like or dislike the company, they definitely have a business system down and it shows. The question then becomes how can you better study the McDonald’s model and mold those concepts into your business?

1. Understand Your Companies Financial Statement: Know Where Your Cash Is Flowing

Financial statements and understanding where your revenue is flowing can be hard some entrepreneurs. Many don’t like to think about that part of the business, they’d rather focus on their craft. While it is good to be passionate about your craft, finances are the life blood of the company. Just as you need X amount of dollars coming in each month in order to live, so does your company.

This may be another opportunity when an outside consultant is called in. It may be especially helpful if you are a small business and do the finances yourself, even though that is not your expertise. One of the best pieces of advice I picked up was to have a bookkeeper, no matter how little money you have. While it may be expensive in the early going, eventually as your company grows and scales up, you will have a solid record of your finances, which is important for all aspects of your company.

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Tagged as: business, business development, business system, Company, entrepreneur, Finance, Financial statements, McDonald, money, Small Business