A thing worth doing is worth doing badly. Yes I know that it should be 'well'. My grandma drummed into me that whatever I did I should do it as well as I possibly could.
But grandma said that there was another side to it. If it were worth doing, even doing it badly was better than not doing it at all.
"Never be put off from doing something that ought to be done because others can do it better", said Grandma, "The others may not do it and then it never gets done".
So it's hard for you to estimate sales ? take a stab at it anyway!
I wish I had a dollar for every small business operator who told me that it was impossible to prepare a projection of cash-flow requirements because their sales were so sporadic and uneven.
It's strange in a way that although it is true that each business is unique, it is also true that all small businesses are the same.
Most small retail firms average about 30% as a gross profit. That gives them an average mark-up on purchases of about 42%. It doesn't matter what sort of shop, you can use that as an average.
Similarly, all other expenses average out at about 20% which gives a net return on sales of 10%. Aren't there firms that do better than this? Too right there are?but some do much worse.
So a projection based on averages for your industry will probably be badly out-of-whack. You might think the result is a bad job but it will be one hundred times better than none at all.
The owner will know quite a number of concrete figures without having to guessitimate.
She will know many of her outgoings:
"Hey! I hope to have higher sales than that".
But now we've made a start, we can build in some of your expectations, and now we have a projection that we thought couldn't be done.
"But will it be right"!
No it will never be right on the money, but it doesn't have to be. Each week/month we will compare what actually happened with what we had hoped to happen and work out our strategies accordingly.
If sales fall short by 10% in the first month we have a far greater chance of recovery over the 11 months than if we had no plan at all (even if we thought it was a bad one).
And for those proprietors who do a plan and do not compare it to actual until the end of the year any shortfall will be lost forever.
A thing worth doing is worth doing badly.
It applies to all aspects of business ? and life.
I often hear owners say, "I can not up-sell. I'm no good at it".
Maybe, but it is necessary. Who is going to do it if you don't? Get a little training and start doing it badly. You'll be surprised at how good you get.
A thing worth doing is worth doing badly.
The Author
Kelvyn Peters is one of Australia's longest serving Tax Agents. He was registered in 1962 and became a CPA in 1964.
He's served on many charitable boards including St Aubyns Hospital, Alzheimer's Association and Older Peoples Advocacy Service.
As a young man he won the Outstanding Jaycee Award three times. Kelvyn is a compassionate, generous man who loves people. That's why he is so skilled at helping people in trouble.
Kelvyn Peters was Mayor of Kingaroy Shire Council from 1982 to 1987 and campaigned as the 'Young Man of Action"
Over 20 years later he still calls himself a 'Young Man of Action'.
He is a director of Restaurant Catering Qld Inc the peak employer representative in Queensland, and has advised the hospitality industry for many years.
His specialty is moving in to rescue a sick business.
Kelvyn has spent over 20 years experimenting and researching methods to help small business in ways that are affordable.
He has perfected it with local clients now he is going global and he is only an email away.
http://www.profitstrategies4business.com
move in cleaning service Wilmette ..How do window cleaning franchise businesses start? It is a... Read More
Let me get right to the point. The single most... Read More
Are you responsible for your results?What comes to mind when... Read More
Shipping materials can be expensive! Even the styrofoam "peanuts" can... Read More
I agree that knowledge should be free, but the next... Read More
Someone new to business ownership recently told me, "Before I... Read More
If you're an entrepreneur responsible for your own small business... Read More
Image of your franchise automotive outlet is so important. Some... Read More
In the Truck Washing Business every single type of vehicle... Read More
Most folks in the pressure washing business are happier to... Read More
Auto detailers are often asked to clean boats and detail... Read More
Articles abound advising the business community how to properly screen... Read More
Winning small and home based businesses today must continually shake... Read More
You have spent considerable time pulling your business plan together,... Read More
We very much like what we see in Lubbock, TX... Read More
Scenario OneDuring a recent presentation, a business owner was given... Read More
Being a small or home-based business owner can be loads... Read More
Why are we over regulation the franchising industry, what purpose... Read More
Why? Because they have access to world class public relations... Read More
It is most fascinating to study how entrepreneurs spot opportunity... Read More
The Dynamics of Daylight Savings Time changes the way we... Read More
A thing worth doing is worth doing badly. Yes I... Read More
What types of companies do you want to align yourself... Read More
Canon City, Colorado is known for it's 6 Prisons; State... Read More
A consultant must remember that the business belongs to the... Read More
green cleaning service Lincolnshire ..Rule 15C211Under SEC Rule 15C211, a U.S. securities broker or... Read More
Security Professionals provide the products and services necessary to create... Read More
An observation while returning home from a seminar: Getting away... Read More
As a specialist in getting restaurants open, it is surprising... Read More
Too often in business we get trapped into reviewing our... Read More
To maximum potential profits and dollars in a mobile washing... Read More
When we speak of branding most of the time people... Read More
The resume writing service serves an important role in the... Read More
"Inch by inch, row by row...that's the way my garden... Read More
Now that you have invested your time, energy and money... Read More
The choice of financing is an important determinant of whether... Read More
BioTechs even with the latest news had shed over 1000... Read More
Everything starts with a business plan: If you don't have... Read More
As small business owners we're in business to make money... Read More
If you intend to franchise your company you will need... Read More
In today's economic climate, the first priority for the small... Read More
How to do itPeople skim through newspapers and magazines and... Read More
First you have to start with knowing your budget and... Read More
In the summer, I can't drive two blocks without seeing... Read More
Once you've decided to incorporate your small business the next... Read More
No, I'm not talking about gambling or dairy cows ?... Read More
Some things in business are relatively easy to measure ?... Read More
10 Best Practices to consider as your SBIR negotiations approach... Read More
Just when the entire state was kissing Wichita goodbye, economically... Read More
A cherished business doctrine is that growth must be a... Read More
Small Business |