LIFE MARGIN is the excess of time and energy available for discretionary things.
For business owners, higher net profit margins lead to greater life margin.
What is margin? Simply put, margin is the excess. So net profit margin is the excess of revenue over expenses and is expressed as a percentage.
For many business owners, the business takes everything they have in terms of time and energy. These owners have zero life margin. They run from one fire to another – doing their best to put them out quickly. There is no spare time; there is no spare energy. The company owns them. Because their profit margin is low or unpredictable, they cannot hire people with the expertise to help them change that reality – the profits are too small and the uncertainty around whether the people will perform is too great.
Everything I write is designed to change the reality of too little margin.
Why You Can Succeed: Separating Lies From Truth in Business
People from all over the world tell themselves lies about their potential. Truth matters in your business. You and your business have room to grow, and The Herring Group can help.
A Passion For Business Formation And Growth
Business formation and growth is good for your community, our country, and our world. And believe it or not, business and spirituality are connected.
Your Business Story From Financial Reports
Using the company’s numbers, I did what I always do when I am seeking to understand the business story of a company: I downloaded a trended income statement from the accounting system. The marveling began as I read the business story.
Employees’ Guilt About Profits Hurts Your Business
Nearly six out of ten of employees probably believe that their companies make too much profit. And having guilt about profits can have a negative impact.
9 Tools for Becoming the CEO of Your Life
Managing your life effectively can look a lot like managing your business effectively. We are so incredibly fortunate to be alive[...]
Run Your Business Like a Pro in the Digital Age
Software & Apps for Business & LifeIt’s a great time to be alive.There is so much software available today to[...]
Why Your Landscaping Company is a Great Place to Work and How to Keep it That Way
Thank you to Kelly Dowell of KeldoDigital.com and Dowco Enterprises, Inc. for today’s guest post. Today, we will learn about[...]
Portfolio Analysis in Action — Select Case Studies
We have spent the past two weeks discussing portfolio analysis in great depth here on Profit. Value. Life. Now we[...]
What Is Measured In A Portfolio Analysis?
As discussed in my last post, the chief goals of performing an in-depth portfolio analysis are to gain insight into[...]
Craving Business Sanity? Get a Portfolio Analysis
Far too many business owners suffer from a lack of time.The business takes everything they have in terms of time[...]
How To Ensure Price Increases Go Smoothly
Wage inflation is alive and well. You have identified a need to raise prices, and you have decided that it[...]
When Is The Right Time To Raise Prices?
The costs for raw materials are up. Health insurance costs continue to climb. Labor is in short supply which typically[...]
An Easy and Efficient Budget Process
Preparing a budget does not have to be laborious. I hated wasted time; I also hate spending a lot of[...]
Is a Budget Worth Your Time?
I hate wasted time. How about you? I always seem to have more things to do with my time[...]
How to Hire a Bookkeeper, CPA, Controller and Virtual CFO
I do not know about you, but I have learned the hard way that it is easier for someone to[...]
Virtual CFO, Controller, Accountant, Bookkeeper, CPA – Say What?
True story: No one in my family knows what I do. I have been married for more than 30 years,[...]
Thinking Cash Flow with Your Growth Strategy
Many businesses fail because they fail to consider 3 important cash flow factors when they answer 2 fundamental strategic questions in strategic planning
Your Growth Strategy – Keeping It Real
Is your growth strategy grounded in reality? Considering these three factors in your strategic planning will help you keep it real.
Three People Factors Influencing Growth Strategy
Communicating your growth strategy provides focus to your employees. The result should be greater efficiency, innovation, and profitability.
Strategic Questions Every Leader Should Ask
Answering these strategic questions can help you grow market share, be rewarded with superior profits, reduce risks, and improve morale.
Actionable Reports in a Tough Labor Market and CFO Magic
Since I have worked with several landscape companies as clients, I am sharing some of my lessons learned that are specific to that industry.
Getting to 10% Profitability – The Profit Engine
In every company’s collection of customers or properties, there are winners and losers. One key to increasing profitability is to identify them and analyze what makes them a winner or loser. Your profit engine ...
A Fundamental Strategic Question About Your Business
Before answering the big goal-related questions, you must answer a more fundamental strategic question about your business.
Do You Have a Treadmill Business?
The problem that I have with treadmills… you work really hard, but where do you get? Nowhere. Getting Off—and Staying Off—the Business Treadmill
The Revolution of Christmas
The words revolution and Christmas are not typically used in the same sentence, but make no mistake; Christmas represented a revolution.
The Hidden Power of Your Financial Data
There is a better, easier and more efficient way. This plan relies on using the hidden power of information found in your financial reports and is based on three truths from psychology.
A Budget in Five Hours. Really.
In this blog post, I will discuss a way to make your budget quick and pain-free. It all starts with reports. Let’s review...
Predict the Future with Trended Income Statements
Seeing the future is difficult, but reducing it to numbers is even more challenging. You can predict what your income statement will look like next year.
Examine Your Customer Retention Mechanism Like a Boat
The leaky boat is like a business with a problem retaining its customers. It costs a lot of money to acquire customers. Customers who leave prematurely can harm a business’s reputation. Keeping the customers that you acquire is a great way to grow revenue faster and increase net income.
Reports to Grow Revenue and Predict the Future
For revenue, predicting the future starts with a system to monitor the journey of prospects becoming customers. But it does not end there.
To Grow Revenue and Predict the Future, Use These Reports
Think about the power of being able to predict your financial results three, six, or even twelve months in advance. Read these reports to grow revenue
Understanding Basic Financial Reports
Business owners and managers often ask me to explain how to use their basic financial reports to manage the business. They know that they are missing something, but ...
Profits Are Good
You can educate your employees about the importance of profits to a business. Read about the 7 purposes of profits and how you can shift employee mindsets to reduce guilt and help them to see that profits are good.
A Passion for Business Formation and Growth
Have you considered what separates wealthy countries from poor countries? In large measure, it is the ease of business formation and growth.
It’s Lonely at the Top for Business Owners
It can be lonely at the top when you're a small business owner. I'm one too, and I am writing this post so that you can work to live and not live to work.