In this quick video training, Bradley is sharing some actionable tips for business owners to operate their business with confidence.
What Does It Mean to Be VFR or IFR Rated?
IFR stands for Instrumental Flight Rules. IFR-rated pilots can fly very fast in extreme weather conditions by looking only at the instrument panel. They fly confidently, because they know exactly how to use their flight instruments.
VFR stands for Visual Flight Rules. VFR-rated pilots, on the other hand, are relegated to optimal weather conditions and a perfectly functioning plane. While this may sound like useful trivia, it also has some important implications for your business.
Most business owners are like VFR-rated pilots, but they are trying to cope in an IFR environment. Have you ever felt this way? When economic or customer conditions get stormy, you may not know what to do in order to successfully make it out.
How Can I Run My Business with Confidence?
Bradley shares that in order to run your business like a VFR-rated pilot, confident in changing business conditions, you need to know your numbers. While the numbers that are critical to a business’s survival and growth can vary, they are usually related to revenue, expenses, liabilities, and leads. A great way to identify the numbers you need to know for your business is to ask yourself this simple question: “If I was stranded on an island, what are the three main figures I’d need to know about my business?” They should help you understand how your business is performing and inform decisions you make about growth.
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