Bikes & Business: Principles of Business
Updated: Jul 24, 2019
Sport including mountain biking is a great way to get outdoors and relax. As I do, I often find myself reflecting on business and realised sport is very similar to our business journey. There’s a term called “riding blind”. It means that you are riding into the unknown. You have to look ahead as far as possible. Don't be looking down at your front wheel as you will lose focus on what’s ahead, which …… could be dangerous!
In business, we have to take a leap of faith. We trust that we make the right decisions in the short term to reach our long-term goals. Running a business is hard. It's busy and so easy to lose track of the right business priority. The ‘To-Do List’ continuously grows, and sometimes it can feel like we're just chasing our tail!
This often leads to us losing sight of the end goal and aspirations. We need to be focusing on our financial indications early on, react and keep pursuing the end goal! I have had my fair share of crashes as a mountain biker. In fact, I still have the scars on my elbows and back to prove it. After a big fall, I have found I lose confidence. Failure is something not to be greatly feared! As we continue, we all make mistakes. The most important consideration is our reaction to failure. I don’t even like calling them failures as it’s a misrepresentation. Perhaps a better term is “learning experience”. Some of the ways we learn as business owners is experimenting, we push the limits of what we think is possible. Sometimes we succeed, which is awesome. We may also make the wrong decision. Are we left with nothing? … never! We always come away with additional knowledge from our learning experience. We also get to know our limitations. Sometimes our goals seems to be impossible achieve. Whether the limiting factor is time, cash flow, or ability, that’s why I’m a big advocate of outside help. I work with businesses to conquer these financial business problems. Self-reflection in business is critical. What are your financial numbers saying? When mountain biking, I use an app called Strava which tells me all sorts of data on the ride I have just completed.
Business is the same. What are the financial results saying and what do we need to be considering?
Do you have a business plan including short term and longer-term financial projections? Do you have financial results that are produced monthly that are informative and timely? Do you know what the numbers are saying?
Call me today if you would like to discuss how in a short meeting we would be able to identify how to double your profits and go home smiling.