Welcome to 'Brightwater Weekly Business Boost' ... The official blog site for all things Brightwater!
Keep up to date with Your Business Boost updates by Anthony Davis, news, photos, and updates from various events held across the year.
We hope you enjoy our weekly updates and look forward to your comments.
Valued information is any statistic that is available in your business that you 'value sufficiently' to trust and against which you make business decisions. Many businesses get a monthly Profit & Loss and yet if there are no budgets against which to measure the month's performance, then what is the value of the information? We estimate that less than 5% of owner managed businesses have any form of budgeting procedures.
Then there are the other measures of performance that the P&L doesn't immediately reveal. Things like conversion rates, production measures, stock turns, wastage and reworks, absenteeism and so the list goes on. These are known as Key Performance Indicators (KPI's) and will vary from business to business. What are yours? Do you have budgets for them? Do you analyse them regularly to support the people in your business to make the correct decisions.
Valued Information is the difference between an 'owner or family managed' business and a 'professionally managed' business?
Simply stated, it is the difference between the reliance on 'gut feel' and the availability and use of 'valued information' in making decisions to guide the business.
Do you have a Wealth Attitude? I am often amazed when I hear people say “I am not in it for the money!” It is one of the reasons many go into business and yet Wealth and money are not exactly the same. Wealth comes in a multitude of forms. What does Wealth mean to you?
Wealth creation begins with the correct mindset and attitude. Follow these tips to point yourself in the right direction. Get started today!
1. Write down all that you are grateful for in your life right now - read it every day. 2. Make a decision that wealth will be yours. Affirm that decision every day and confirm that decision by taking action in that direction. 3. Surround yourself with people who are where you want to be financially – people who will ask more of you than you do! 4. Read and listen to material that will support your new outlook and attitude about what’s possible – learn something new every day. Knowledge is Wealth. 5. Teach others the attitudes of wealth. As you teach it, you will learn it. Adapted from an article in Success magazine.
If you would like to ‘share’ your Wealth Attitude, we will collate a series of responses to share in the future. As you share them you teach others … see step 5. above!.