Page 41 - Business Mastery for Exponetial Profit make more work BW 15102021

from it. Does this show you why you must have metrics in your
business? Such metrics measure the important information that
may help you do your business better and get an exponential
result? Awareness is a very powerful motivating factor in
everything we do even outside of the business.
Now let’s discuss the metrics that would help your business a great
deal to make the right decision. In computer parlance, there is what
is called ‘Garbage in garbage out’ Whatever goes into your
business is what you will get out. The way we learn to talk is
through the process of trial and error. Similarly, every other type of
learning goes through the process of trial and then correcting what
is not going well, until we are able to do it very well. When you are
unaware of what is going wrong in your business, you cannot
correct it. Therefore, people scratch their heads on why someone
in the same business is doing much better. It’s probable that
person is doing something better than them through a system of
trial, correction and improvement. Now let me share with you some
of the metrics that may help you understand where your business
is and what you should do next.

Budget: use the budget to plan your activities and the money
implication of your plan. This would give you the direction to focus
your mind. Remember the ‘Reticular Activating System' we
discussed early If you have a goal then your mind will find a way
to get there. The budget will translate your goal to the money
equivalent. We do share a simple template that you can use when
we do our seminars and courses.

Cashflow report – this is a simple calculation of cash going in and
out your business and you can use it to prepare your projection for
the coming period. We do share a simple template that you can
use when we do our seminars and courses.

Profit and Loss Account – As the name suggests, it helps you
determine whether you are making a profit or loss. If you are not
an accountant, it is unlikely you will be able to do this correctly.
Some of the accounting software around may give you an idea of
this but you will still need to make a little adjustment here and
there. We also teach the basics to help you get this report at its
simplest form at our seminars or courses. If your business is
simple, then you will be able to do this yourself.

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