Commonly, people reference successful businesses. This may become quite misleading because of how individuals define success. Yet, “The IRS defines a successful business as one which creates profit” (Mongan, 2017). According to the definition, is YOUR Business a profitable business that’s successful?
Have you and your business created a profit? If so, bravo! YOUR Business is standing on its own momentum.
If you have turned your monies into profit, have you sustained your profit? This is where it gets a little tricky; yet, it’s similar to what is necessary to grow YOUR Business to become profitable.
Answer: Cashflow. Cashflow is the money you have to operate YOUR Business. Your cashflow rules the potential growth of YOUR Business. Usually, the more cash you have, the more probability you have of securing greater revenue and ultimately profit.
Bootstrapping business is about working with minimal cashflow. It is more of a hands-on approach. Bootstrapping isn’t always the best way to conduct business; yet, it can be accomplished. When bootstrappers become profitable and can sustain it, they become great role models of “the little train who could”.
NOTE: Successful bootstrapping isn’t common at all.
I want to again mention that success, by definition, implies a profitable business. However, many people add attributes of freedom to success. Heck, even I do it EXCEPT when assessing Business Performance. When accessing business’s performance I default to the IRS definition.
For me the ultimate profitable business is one that is profitable and provides freedoms. This usually has a different name: a truly prosperous business. Prosperous businesses include financial riches as well as the freedoms we individually prefer. When I work with my clients I help them create prosperous business otherwise all the profit comes at the price of their peacefulness. I know it doesn’t have to be one or the other. Do you?
Bonus for well done work at each step? Peace! Endgame? Prosperity!
There is a way to achieve this. Take advantage of the No-cost Consultation below if you’re ready to create a new possibility.
Do you have YOUR Business’s profit plan yet? If not, let us know where you’re stuck. Feel free to share in the comment section.
p.s.: Get a handle on what your cashflow is and isn’t. Then start making decisions to grow your business through growing your cashflow.
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