As Mike Michalowicz noted in his book, Profit First, creating a business from nothing but a great idea, your unique talents, and whatever resources you have on hand can certainly be called a miracle.
And it feels like one, too, until the day you realize your business has become a giant, scary, soul-sucking, cash-eating monster.
For most entrepreneurs I’ve seen, the only way they can see to get ahead is to work harder to generate more revenue.
Michalowicz goes on: It’s the battle cry of nearly every entrepreneur and business leader. Grow! Grow! Grow!
The only problem with that strategy is that it doesn’t work. Growth is only half of the equation.
Most business owners try to grow their way out of their problems. They hope against hope that the next big sale or customer or investor will bail them out, but the result is simply a bigger monster.
The truth is...
In order for the business owner to grow a profitable and sustainable company, she must develop a knowledge of the critical numbers that drive her revenue and impact business growth.
She will need to make business decisions to grow her organization based on real-time numbers from sales and marketing, net profit, expenses, and more.
And she typically does not have the time, energy, and skills to dive too deeply into these primary functions in her business.
She’s busy every day actually running her business. There is little time and energy left over to focus on one more business demand, which is not only time consuming, but can also feel too confusing and overwhelming to many entrepreneurs.
What do we typically do when something seems too overwhelming?
You got it… We procrastinate. We stick our heads in the sand.
Spending time on analytical and strategic activities, such as: creating budgets; scheduling and reviewing profit and loss; analyzing net profit; collecting, tracking, and making sense of sales and marketing numbers; and trying to identify where we can cut costs can feel insurmountable.
My clients are primarily Visionary Entrepreneurs who find dialing into this level of nitty-gritty in their businesses nothing short of EXCRUCIATING.
Nonetheless, lack of understanding and attention to this business area can lead to costly mistakes in leading business growth.
So, What's the Solution?
The solution is that you, the CEO, must set up a support system of professionals in your organization who have expertise in accounting, bookkeeping, taxes, strategic financial planning, goal setting, budgeting, and knowledge of marketing and key metrics (KPIs).
Accountants and Bookkeepers manage your bookkeeping and taxes. They team up with you and your leadership team (Operations Manager) to provide you with timely reports and recommendations on revenue and spending. In addition, they provide support to your business by giving you suggestions to preserve more of your revenue.
Virtual Operations Managers are experts in supporting the operations side of your business, where the numbers are produced and utilized on a daily basis.
Virtual Operations Managers are experts in supporting the operations side of your business, where your business numbers are produced and utilized on a daily basis.
Your Virtual COO will routinely communicate with your financial team to ensure that profit and loss and cash flow statements are timely and on target, budgets are on track, and daily issues are resolved.
Your VIRTUAL COO (Operations Manager) will also work with you to develop sales and marketing targets and strategies. Then your manager will go on to work with your team to systematically collect data, analyze, report, and discuss the findings with you.
In addition, your Operations Manager focuses on creating and maintaining budgets, identifying ways to cut costs, and increasing profit in your organization.
So, What's the Result?
Is This You?
Do you have a supportive team established in your company who is focused on all the numbers in your business, not just the financial numbers?
Who’s overseeing all the other metrics in your business, such as marketing and performance?
Women entrepreneurs and business owners hunger for a leader in their business to help them focus on the bottom line.
After all, you’re in business to produce big dreams. It takes smart business decisions and growing profit to accomplish those big goals.
Are you ready to embark on strengthening this critical system in the infrastructure of your business?
Most likely, you already have an Accountant and Bookkeeper, and it’s time to add an experienced Operations Manager (Virtual COO) to complete the system and up-level your commitment to growing a profitable and sustainable business.
Would you like to find out more? Click on the button below to set up a complimentary discovery call with me today!
I hope you’ve enjoyed this post and received inspiration of what’s possible when you step up your game in your business as a CEO leader, not the manager.
Leave me a comment below.
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