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ASK GERBER: HOW DO I KEEP PASSION AND PROFITS TOP OF MIND IN MY BUSINESS?

JUNE 29, 2018
 
As an entrepreneur, your daily routine consists of various necessities: client meetings, returning emails and phone calls, texting back your spouse/kids about tonight’s ball game, squeezing in lunch when you can; but in between it all where do you find time to mindfully focus on your true passion?
 
We’re talking about your love affair with the business. Your business needs the nurturing and close attention just as your marriage or any other meaningful relationship does.
 
Keeping the passion alive boils down to three pieces: your mission, your profits, and your business plan. The combination of the three helps to keep your people on board, quantifies the cost, and allows you to make the pivot fast.

BRING IT BACK TO YOUR MISSION

 
Establishing a clear mission forces you to deliberately make investments in your passion. Similar to checks and balances - this process helps to ensure you are on the right path.
 
Your path evolves over time! Year one in your business journey your mission could simply be survival. Year two could be a building block year – trying to figure out what that passion/purpose truly is. Then the third stage would be defining your passion exclusively and operating to that each day (in process and practice).
 
Your mission is your guiding light fueled by your passion. It is critical not to lose the spark. The kicker then is constantly reconciling that mission of the business with the profitability of the business.

KEEP IT FRESH

 
The goal is making investments as you go. Fresh can mean your mission evolving, a rebranding, a new location; all of these things are building blocks to keep it fresh. You have to keep the passion and the mission fresh, but “fresh” can be defined as a five year period of time, it doesn’t have to be every month.
 
Your level of passion is heightened during this process as you’re keeping it new and exciting so it is important not to get lost in the moment and lose sight of your business plan. Checks and balances, remember? The sooner you can make this part of your culture as an organization, the better off you may be.
This is a hypothetical chart for illustration purposes only. Actual results will vary.
 
DON’T FORGET ABOUT THE PLAN
 
Your business plan, that is. If you can get good at utilizing the business plan to predict profitability, you are more likely to be on the right track.
 
When you have a process that forces you to relate everything back to your business plan you can make go/no go decisions from this plan and quantify those decisions. You can make projections as outlined in the plan but if it doesn’t work, you can pivot. This will help you pivot more effectively and efficiently. You can help control your losses!
 
You have to understand, you are always going to have losing ventures and/or ideas. The kicker is, good entrepreneurs have controlled loses; meaning they fail fast. This projections helps make the staffing piece of your organization much more obvious as well. – That transcends from professional service firms to manufacturing companies.

ALIGN YOUR PROFITS, PASSION & BUSINESS PLAN
 
As you grow you need a process for reconciling the mission of the business with the profitability and the business plan (all of those things together). The way these three pieces talk to each other is critical.
 
 
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Randall Gerber and not necessarily those of Raymond James.
 


INDEX
  • ASK GERBER: HOW DO I HELP EASE EMPLOYEE STRESS DURING BUSY SEASON ?
  • ASK GERBER: DO I NEED TO HIRE HR?
  • ASK GERBER : DO I NEED A CEO?
  • ASK GERBER: DO I NEED TO HIRE A COO?
  • ASK GERBER: DO I NEED TO HIRE A CMO?
  • ASK GERBER: DO I NEED TO HIRE A CFO?
  • ASK GERBER: HOW DO I KEEP PASSION AND PROFITS TOP OF MIND IN MY BUSINESS?
  • ASK GERBER: WHY DO I NEED TO INVEST IN HOSTING AN ANNUAL RETREAT FOR MY TEAM?
  • ASK GERBER: HOW CAN I ENGAGE WITH MY CLIENTS/PROSPECTS WITHOUT BREAKING THE BANK?
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART DEUX
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART ONE
  • ASK GERBER: THE HIRING PROCESS. WHY IS IT SO DAMN HARD?
  • ASK GERBER: WHY IT'S IMPORTANT TO KNOW AND GROW YOUR COMPANY CULTURE
  • ASK GERBER: HOW DO I ACHIEVE THE WORK/LIFE BALANCE AS A BUSY ENTREPRENEUR?
  • ASK GERBER: HOW DO I PREPARE MY FRIENDS FOR LIFE AS AN ENTREPRENEUR?
  • ASK GERBER: FIRST GENERATION ENTREPRENEURS AND BUSINESS EXECUTIVES, HOW ARE THEY DIFFERENT?
  • ASK GERBER: I PUT SO MUCH OF MYSELF INTO MY BUSINESS THAT I WORRY I AM FALLING SHORT AS A SPOUSE AND PARENT. WHAT CAN I DO?
  • ASK GERBER: ARE CHILDREN OF FIRST-GENERATION ENTREPRENEURS MORE LIKELY TO BE SPOILED?
  • ASK GERBER: WHAT'S YOUR STANCE ON REMOTE ACCESS FOR EMPLOYEES?
  • ASK GERBER: WHEN DO I NEED TO HIRE AN ADMINISTRATIVE ASSISTANT?
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