It takes time and diligence to carry out a successful business strategy. So unless your revenues are growing consistently and cash is flowing well then now may not be the time to take those golf lessons you dream about. Read further to decide if you should pack up your nine iron and head for the office instead of the green.
- Stragey and Fun. Sales, profits and cash flow are the factors that contribute to the livelihood of business. Without cash it is only a matter of time before you are forced to take down the "open for business" sign and close shop. Now I hope that you are doing well in your company and have the financial freedom that you desire. But if you are just starting out you may find that it takes more time than you originally planned to reach your projections. Remember the saying, "Time is money?" Although playing golf is a great way for you to unwind don't forget that each second you use on non-income generating activities is a second lost. So if you decide to add golf to your marketing mix be sure to do so strategically by building business relationships while you are having fun.
- Finding More Leads. One of your top priorities as the CEO is ensuring that your market knows about the products and services you offer. Marketing and sales are time intensive activities so be as strategic as possible. Some ways to find leads while golfing with colleagues are to inquire about business alliances, referrals, and networking in places that your target market hangs out.
- Lead Conversion. Once your game is over and you have a few leads the next step is to get good at closing the sale. There must be enough revenues in your company to support continued operations and business expansion. This applies for-profit and non-profit entities. It makes no difference whether you are running a sales campaign or a fund-raiser. Your primary objective is to get a commitment from potential buyers.
- Increasing Profits and Cash Flow. In business, maximizing profits and maintain healthy cash flows takes precedence over free time any day. You will be able to enjoy the benefits of being your own boss once your company has adequate cash reserves and can cover monthly operating expenses, contingencies, and investments that create new opportunties for growth.
In order to see how close you are to reaching these metrics conduct a financial review each month. All work and no play makes for a dull entrepreneur but too much folding of the hands makes for missed opportunities to grow. Your time is valuable and until you reach your sales capacity make a commitment to stick to scheduled income producing activities until you reach your financial goals.
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