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Showing posts from November, 2009

Compete with Yourself

We have two sayings we're fond of at Monday Morning Flower & Balloon Co. "Keep your eye on your competition but don't become obsessed with them" and "compete with yourself".  The first saying is self explanatory but the second warrants further discussion. Competing with yourself can be pretty straight forward and help you develop a strong business model. Basically look at what you've done previously, both good and bad, and try to take corrective action if it's bad or repeat if it was good. This concept can be extended to most area's of your business including one of the toughest and most boring - Budgeting.

There are lots of articles and books written about budgeting even some great spreadsheet templates available. Nevertheless, if you use the "compete with yourself" concept it's much easier. Of course you need to know what you should target as a percentage of sales for the main expenses, Payroll, COGS etc. Once you know where …