Business Planning Mindset Budget for business owners
One of the key concepts for small business owners to adopt is to “Pay Themselves First.”
What this means is that they should allow for their own Salary / Drawings / Dividend as part of their business planning. It also means that they stop subsidizing their business by being the last person to actually take money out of the business.
When you put budgets and targets together, you should always start the process with the end in mind – “PROFIT.”
Take a look at W. Edwards Deming’s 14 Points of Total Quality Management when you are thinking about these concepts:
- Create Constancy of Purpose
- Adopt the new philosophy
- Build Quality into the Product
- Choose quality suppliers over low cost suppliers
- Improve constantly
- Business Training not only on the job, but also in the classroom
- Leadership in place of supervision
- Eliminate Fear
- Break down internal barriers
- Eliminate slogans and exhortations
- Eliminate numerical targets
- Remove barriers to work satisfaction
- Encourage self improvement
- Be responsible for continual improvement in quality and productivity
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