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Back to the Basics… Financial Mastery

Building your business requires a firm foundation. In my last couple of posts, I have been discussion what the 4 pilars of your foundation look like.  Here is the 3rd pilar…

Financial Mastery – Financial Mastery is about understanding the numbers in your business. Not just the finances, like your profit and loss statement, your balance sheet, your cash flows, and your bank statement, but also the numbers that influence all of those. This pilar is about profitability. Understanding your numbers is critical to running a business. Numbers are the language of business, they are the scoreboard. Numbers tell you who’s winning and who’s losing. Too many business owners that I meet only look at their profit and loss statement once a year when their accountant gives it to them, and even then they only look at the “bottom line.” They figure that as long as they have money in the bank, they are fine. Would you be able to play the game of baseball if you didn’t know how to read the scoreboard? Do you think that the players on the field don’t understand what their batting average was saying about them, or any of the dozens of other statistics.

6 Back to the Basics… Self Mastery

Continuing my discussion from a while back on the basic pilars of business, the next pilar is…

Self Mastery – This pilar is all about productivity. Using time wisely, for yourself and your team, allows your business to run smoothly. There are many different techniques and systems for managing productivity, in the end you have to choose the one that works best for your style and business. The most important aspect of any “time management” system that you use, is that it allows you to insure that the most important things in your life get done. I have my favorites, and just about everyone I know has theirs, you need to find yours. One of my favorites, and one of the most popular, is Steven Covey’s “First Things First”. In a nut shell, this says that you have to use importance to decide how you schedule, not urgency. The more important a task is, the more you need to make sure that it is in your schedule. Handling the important tasks with priority allows you to have fewer urgent tasks to deal with.

23 Back to the Basics… Destination Mastery

I’ve been talking about building a strong foundation for your business.  If you are going to build a skyscraper of a business, you need to have a very sturdy foundation.

So, what is necessary in the foundation of your business?

The first of the basic pillars of your business is:

Destination Mastery – Where is your business going? What is it’s purpose? What is it’s legacy. Vision, Mission, Culture, Goals and Milestones all make up this pillar. Having a clearly defined destination that is enrolling and inspiring, that allows you to be clear about choices, that calls you and your team forth, makes running your business simple. Simple does not mean easy, it means that the choices are clear, the motivation is strong, and there is an inherent momentum.

125 Back to the Basics

When building a business, putting in a good foundation is essential. It’s just like building a building. If you are going to build a house, you need a certain type of foundation. If you are going to build a skyscraper, you need to have a much sturdier foundation. The same is true in business, the only difference is that in business, you can go back and build a deeper, sturdier foundation without tairing down the whole business.

So, what is necessary in the foudation of your business?

There are four basic pilars that your business stands on:
Money Master, Self Master, Destination Mastery and Delivery Master…

I will be covering each of these in another entry…

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