In This Episode
One of the things we focus on with all of our clients is helping them pull together a Profit Plan. You might refer to it as a budget, but we hate that word! It’s tired and depressing. Who wants to be put on a budget? But a Profit Plan, now that’s exciting. You’re in business to make profit. If you don’t make profit, eventually the business and everyone involved in it will go away.
A big thing to keep in mind is that the Profit Plan will be wrong. Let me say that again. Your Profit Plan will be wrong! So why make one? Believe it or not, the goal of a Profit Plan isn’t to get it right…although it’s nice when it’s on pace or comes close. But again, the point isn’t to get it right. The purpose is to get your best thinking out on paper (or into electronic form) today for the next 12 months of your business. It provides that beacon of light in the darkness.
During tonight’s show we shared several examples of clients and how they use their Profit Plan to stay on track, to make big decisions in their business, and to ensure they are going to make money this year. So whether you’ve got a key employee asking for a raise or you’ve had a big project get delayed or you’re trying to decide if you should draw from your line of credit or anything in between, the Profit Plan is a great tool to use to help get you back on track!
People, Companies and Resources We Mentioned in the Show
- Pilot Flying J Rebates (https://www.knoxnews.com/story/news/crime/2017/11/09/pilot-flying-j-trial-fraud-scheme-supervisory-testimony/847407001/)
- Jimmy Haslam (https://en.m.wikipedia.org/wiki/Jimmy_Haslam)
- Ronald Reagan “Trust but verify” (https://en.m.wikipedia.org/wiki/Trust,_but_verify)
- Hue Jackson (https://en.m.wikipedia.org/wiki/Hue_Jackson)