30 Sep Business Alchemy Lesson 1–Introduction
What lead do you have weighing down your business and preventing your success?
Years ago, it was believed that through the artistic process of manipulating the structure of lead, the dull and lifeless mass could be turned into gold. This process of changing matter was referred to as alchemy and was, perhaps, the beginning of modern chemistry.
Science has since proven that, through a very expensive, scientific process, lead can actually be turned into gold. The trick for future science is to figure out an economical way to turn lead into gold.
With the help of Managerial Accounting, which I like to call Business Alchemy, there are ways to find the lead in your business that can be turned into gold. This gold is increased profits through more efficient operation.
In order to survive, the lead in your business must be found and turned into gold one way or another. You can either follow the way of modern science for turning lead into gold and proceed down the very expensive path of trial and error, or you can discover the art of Business Alchemy and put to practice Managerial Accounting strategies to convert the lead in your business into golden profits.
The book 101 Business Ratios by Sheldon Gates goes through 101 ratios to use as a beginning for discovering the lead in your business and transforming it into gold. My series Business Alchemy 101 will begin with the three most basic financial reports and then continue through the 101 ratios covered by Gates in his book with practical applications for your business.
Keep in mind that, though I will make several suggestions on solutions to the problems you discover through creating and analyzing reports for your business, I always recommend working with a mentor or coach to help you design and implement your strategy for turning that lead into gold.
I am here to help, so feel free to contact me and remember…
Without Foundation, your business fails!