Completing the Balance Sheet

In a previous blog, I suggested that Entrepreneurs “take an inventory” of their businesses.

Taking inventory identifies the “assets” of your Balance Sheet  (not in the technical accounting sense, but similar). In order to complete the “Balance Sheet,” you also need to focus on your “liabilities.”

What are the areas in your business that are weak and need to be improved? What technologies and processes need to be beefed up before they cause serious problems? Do you have employees or managers that need to be discarded because they are becoming liabilities? Do a few of your clients and suppliers pose issues that account for most of your time for resolution?

Taking a true assessment of your “liabilities” and coming up with plans to address those will definitely strengthen your “Balance Sheet” to acheive your Vision and Mission.

Do the Right Things!

Ravi Patel

 

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