At a time when uncertainty is running high in business, now may be the perfect opportunity to consider what parts of your business may need “pruning”.
“In your business and in your life, don’t just “cut back” and think that you have pruned. Pruning is strategic. It is directional and forward-looking. It is intentional toward a vision, desires, and objectives that have been clearly defined and are measurable.
If you have that, you know what a rose is, and pruning will help you get one of true beauty.”
That quote is from the book Necessary Endings by Henry Cloud.
Stop Doing Things That Lose Money
When I think about pruning in business, my first thought is to look for one part of the business, or one initiative in the business, that is losing money.
Then I dive into that initiative or part of the business. I like to learn its history and begin a very honest and reality-based discussion about its prospects for the future.
Entrepreneurs are gifted with a spirit of persistence and a “never give up” attitude. It serves them well in many regards, but it can also blind them to certain things within the business that consistently lose money.
From time to time, ask someone you really trust to help you identify just one thing in your business that is losing money. Write it down and put a dollar amount next to it.
The fastest way to make more money is to stop doing things that lose money.
Sounds obvious. Sounds logical. But it is seldom practiced in business.
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