A colleague just shared with me that Living Social reported a $650 Million loss last year. His comment was “I guess being a small guy isn’t so bad after all.” I read the story and realized that not only did they lose $650 Million last year, that was up from the year before when they lost $499 Million. If you are doing the math, that’s over $1 Billion dollars in two years. My first question is “how can I get a hold of those investors?” My next question is “how long with I be able to enjoy discounted dining before someone calls it quits?”
So what about your company? How much did you lose last year? If it was less than 9 figures, your company is more profitable than one of the biggest brands online. Does it really help to know that if you are struggling to grow your business? Probably not, but it should make you think about your business plan and how it worked last year and what you need to do to make it work better this year. Here are a few questions to ask yourself:
If you took a loss, will the same plan you had last year help you make a profit this year?
If you made a small profit, will the same plan you used last year help you make more money this year?
Do you have an actual business plan? And does it include a solid marketing plan?
Do you have clearly defined goals that you are working towards?
Are you living and working in your true passion? (Is running your business what you would do if you won the lottery?)
Sometimes when we ask the hard questions, we get the answers that help us make the changes we need to.
Got questions? Let’s chat!