A New Beginning

As you take on 2015, it is time to take a “Balance Sheet Review” of your business; not the true accounting numbers kind, but philosophically similar.

Entrepreneurs should evaluate their “assets” in the business – products/services, people, customers, processes, etc. This should establish the strengths of your business to either build upon or further improve in 2015.

A determination of your “liabilities” will give you an idea of the weaknesses that need to be focused on in 2015. These “liabilities” need to be mitigated or converted to “assets” so that you can utilize them for success during the year.

By performing a “Balance Sheet Review,” Entrepreneurs can set their priorities and goals for 2015 – a new beginning!

Ravi Patel

http://www.patelCFOservices.com

Published in: on December 30, 2014 at 4:07 am  Leave a Comment  
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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