Priority & Sequence Matters in YOUR Business
In cooking – the right ingredients won’t always create your ideal and intended result if you get the priority and sequence wrong. All the right ingredients, but in the wrong order will yield a dramatic difference . And… It’s much harder to scramble eggs if you cook them before removing the egg from the shell.
Entrepreneurs, business builders, and professional practice owners focus within five big buckets:
- Cash flow
- Value of the business entity
- Wealth from the business entity
All five of these focus areas are important to almost every business owner, but there is a trade-off. You can’t focus on all five at the same time, you must choose your priority and sequence.
Many business owners are currently excited about “Profit first” as a concept. It’s a valid target and worthy of focus. It’s important to understand, that if your priority and sequence is profit first, then everything else is lower in priority. This choice will affect the sequence of your actions.
If your focus is building momentum and dominating a niche opportunity, you might focus on revenue and growth first. Followed with an intent to come back to profit when the bigger opportunity subsides a bit. Neither is better or worse – it is a value judgement and must be intentional based on what’s most important to you.
There is nothing wrong with focusing on profit ahead of everything else. But, it should be an informed decision with an understanding of what is lower in priority and sequence. The right focus for where you are and what you want in your business now, may be different from just profit.
An intentional decision to focus on profit means something else is second. A profit first orientation might be exactly right for your business. It could also prove to be very limiting, if you are not at the right stage or have other more important considerations.
Be strategic and intentional
Take time to evaluate what is most important. Ask yourself if your accounting and bookkeeping — as a business system — is helping you. Accounting can align, calibrate, and coordinate with what is actually the most important focus.
If you’re simply using bookkeeping as historical record keeping from the past, you’re missing out on tremendous power.
You can actually use your accounting to short-cut and achieve your desired outcomes much sooner. Rather than simply drifting to an outcome with accounting as a bureaucratic historian.
Successful business owners understand, although boring to most, accounting can be a secret weapon. When used to specifically align, calibrate, and coordinate the priority and sequence for achieving what is most important to you.
Regardless of your vision, mission, goals, and ambition for your professional practice, it is vital to be intentional about priority and sequence.Click to connect and Discover your Priority.