Stop the comparison game (you don’t know the profit you are comparing to)
It’s really easy to compare ourselves to other small business owners and feel a little down-heartened – they look so successful compared to us, they seem to have it all worked it, they must be making lots of money (after all – look at their shoes!).
Looks can be deceiving
I often meet with business owner who, on the outside, look like they are running successful businesses – they are generating money, generating sales – but – and this is a big but – there is no profit – they are not taking any money home to their family.
When we compare our business to others (whether that be people at networking events, online, or competitors) we don’t actually know how much profit those businesses are generating – we don’t actually know if those businesses are healthy.
So stop the comparison game – focus on your business – focus on making your business healthy and efficient, and don’t worry what other people are doing because they might just be on a fast track to running out of money.
Work out a profit plan that works for you
Instead work out your own course of action – work out what your profit plan looks like and get implementing that – don’t worry what your competitor down the road (be that an actual road or virtual one) is doing because you don’t know if they are making a profit.
Concentrating on your own profit plan is the key to success – not looking over your shoulder trying to guess someone else’s. Take some time to work out what your financial goals are, and map them out in your profit plan – then get implementing so that you can be running a healthy and profitable business