Entrepreneurship is a balance of enthusiasm, sleepless nights, challenges, and rewards.
A regular budgeting process performed quarterly with monthly updates helps Entrepreneurs and their teams maintain focus, while also providing a structured opportunity to adjust priorities.
Too often the “shiny penny” opportunity appears and the team can be distracted from their established goals.
Establishing financial metrics, specifically valuation goals for the Enterprise is helpful. Industry valuation ratios, based upon the size of the company are available.
Effective management requires a constant determination as to whether a change in the established plan will “move the needle” towards increases in efficiency and profitably, both key elements of Enterprise valuation.