Today’s success tip comes from Bakous Makari.
In 1997, Bakous started Makari & AMP; Co, a business founded on the principle of “We See Opportunities, You See Results”. In the last few years he has helped his clients save millions of dollars in tax. His work has attracted the attention of Jay Abraham, who has actively endorsed Bakous’s wealth creation service.
What do you think holds businesses back from maximising profits and achieving their full potential?
Inadequate cash flow. Many people are amazed to know that most businesses that fail are actually profitable. Unfortunately, the business owner becomes so focused on trying to do the best that he or she can that they lose sight of the cash that is coming into and going out of the business.
As a result they get caught in a cash flow squeeze, where they’re not getting enough money in time to satisfy creditors who are demanding payment. So frequently, the result is that they get wound up. This to me is one of the great tragedies of small business in Australia and all around the world.
Inadequate systems. Many people believe that having strong systems will stultify their business and hamper creativity. That is just not true. Systems make the routine, day-to-day running of the business so much easier.
Businesses without systems are disorganised - they spend a lot of time looking for things, losing things, and re-creating things because no one remembers when things were done before. As a result, they not only waste time but also drive up their costs.
Limiting beliefs. This is probably the most important thing that holds businesses back. These beliefs can manifest into reality for people who think they will not be able to handle more than one or two employees, or manage any more growth, or be able to cope with competition from larger players.
There are many stories in the world about small businesses that have grown to be great businesses, successfully operating in the most competitive marketplaces because the owners truly believed in themselves and what their business stood for.
This website contains even more great tips from Bakous Makari.
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