This week Nicole flies solo in the Starship Tesseray.
TPD 011: Show Notes
Inspired by one of Nicole’s favorite Han Solo quotes from the original Star Wars movie, “Traveling through hyperspace ain’t like dusting crops, boy! Without precise calculations we could fly right through a star or bounce too close to a supernova and that’d end your trip real quick, wouldn’t it?”
Three things to look at in your #smallbiz check-up
1.Can you even get into “hyperspace” or “warp speed?”
• How fit is your star ship and can it get to where you want to go without falling apart?
• Can it do it over an extended period of time? Is your business built to go the distance?
• Do you have more than one product or service?
• Do you have a pipeline to introduce new products or services over time?
You don’t need to introduce something new every week or month; it could just be once a year. No business can survive on a single product indefinitely (think: Kodak, Polaroid or Blackberry). If you aren’t continuing to re-invent, re-imagine or introduce new, you will fall behind.
• Can you take a week long planned vacation, on a deserted island, and expect to return to find that your company has not stalled, stuttered or shuttered?
You need to look at how you keep it running when you’re not around. What are the systems and processes that you can put in place?
• Have you projected your cash flow over the next 12 months?
What you have in the bank today may or may not be enough to fuel your business
• Do you have your processes documented? Would it be enough for another person to complete the task?
If you’ve answered “No” to any of these questions, consider what it would take to turn it to a “Yes.”
2.Is your life support on the ship running well?
On a spaceship, you need oxygen to breathe and live. For your business, oxygen is sales.
• Are you pumping enough sales through your business to stay alive?
No sales equals no business. It doesn’t matter how good it looks on paper, if nobody buys it you won’t make a dime!
• Does more than 50% of your revenue come from a single client?
If this relationship fails, there’s no backup.
• Did you meet or exceed your revenue goals over the last 6 months?
• Do you have both new customers and repeat customers?
• Is your pipeline of prospects full enough to meet your revenue goals for the next 6 months?
Again, step back and think what it would take to turn the “No” answers to a “Yes.”
3. What is the structural integrity of your ship?
If you’re leaking oxygen faster than you’re making it, you’re in trouble. High levels of expenses create pressure that will kill your business. The pressure of your expenses, against your business, can create a great deal of damage over time.
• Is the pressure reasonable for the structure of your ship?
• Are you able to pay yourself?
• Your business’ number one priority is to pay you.
• If you add up the costs, is the total less than your revenue over the past 6 months?
• Do you have a budget?
• In the past 6 months have you kept your costs below the amount you budgeted?
Expenses are necessary though, as you need to spend money to create a business, but if they get too extreme then they end up working against you. They then will destroy the very thin you’re trying to create.
Don’t freak out! Focus on what you can control now. What’s the most urgent thing to take care of?
Prioritize, as there’s only so much you can do in a day. Remember though, if there’s a massive hull breach, you only have so much time to fix it! Look at this process at least a couple of times a year until all these questions are “Yes”, and even still, do it once a year once you reach this point.
Keep the adventure going. Download a free chapter of The Prosperity Dimension at www.scifibiz.com.