Why is it that some business owners seem really successful?  Running a business making money, working to build their personal wealth, managing a well performing team – all with apparent ease… (Let’s call this business number 1).

Then there’s the business owners that struggle every single year.  Working every hour given, trying really hard but struggling.  Struggling with their employees, struggling with their business, struggling to make any money at all.  (Let’s call this business number 2).

Let me tell you a little bit about them.  Both are Sydney based manufacturers, with owners in their early 40s, running their businesses for a little over 10 years.  Here’s the results they have achieved:

Both the businesses are similar with regards to turnover and gross profit.  They are making about the same gross amount.  However net profit tells us a different story.  In hard dollar terms, Business Number 1 is making $1million in net profit and Business Number 2 $420K.  So Business Number 2 has to make all the extra effort to process $4million in extra sales and yet makes $580K less than Business Number 1.  Hmmmmm…

The owner of Business Number 1 is taking out a 500K annual package from his business, while the owner of Business Number 2 is only managing $260K.  The owner of Business Number 1 is obviously going to fast track his wealth creation.

Finally, personal wealth; the owner of Business Number 1 has managed to get himself set up very nicely with a waterfront home and substantial investments.  The owner of Business Number 2 you might say is still doing ok.  BUT….he could be doing so much better.

We ran these scenarios at a seminar recently.  You wouldn’t believe how many people came and spoke to us afterwards saying “How can we make sure we are not Business Number 2?”.

The key is to become Financially Well Organised.  Dealing with the many different types of businesses that we do, we have developed a set of 10 Fundamental Priorities you need to achieve, to ensure your business is Financially Well Organised.

If you’re game, drop us an email and we’ll send you a quick test to see if you are Financially Well Organised.

If not, stay tuned and we’ll share the 10 Key Priorities with you over the next 2 newsletter issues.  Remember, which business do you want to be?

For more information please contact Jeni Wilcock at jeni@sullivandewing.com.au.