How many cookie recipes do you think there are in the world? Millions, I’d imagine, and probably more that aren’t written down on paper.
Not only are there a lot of different recipes, but there are also a lot of different ingredients to make different types of cookies. You need chocolate chips to make chocolate chip cookies, you need to make a different kind of dough for snickerdoodles. You name the flavor and there’s probably a cookie recipe.
But there are a few base ingredients that are always the same. To make cookies, you need flour, sugar, butter, and eggs, or at least most of those elements. You might need them in different amounts or use them in a slightly different way, but those simple ingredients are usually the backbone of any cookie recipe.
The same is true of our businesses. We’re all fabric stores, but we’re not all the same fabric store, or at least we try not to be. And that’s because we all have the same basic ingredients, the same basic needs, but we tailor them to fit our personalities and preferences.
Your Basic Ingredients
There are millions of ways to start and grow a business, just like making cookies. But there are also some basic, foundational ingredients that generally all businesses have in common, just like most cookies have flour and butter and sugar.
The basic ingredients for your business are the purpose behind your specific business, the product or service that you sell, and your cash management system. Your business is providing something specific to your customers, you have your reason for providing those products or services, and you have a system that manages the cash flow that keeps your business going.
How Do You Manage Your Cash?
Cash management is the biggest thing we need to have in our businesses. I’ve gone over this many times with many business owners, setting up a business always comes down to cash. Cash is always required for a business to be successful, to have long-term stability. There needs to be a healthy cash flow coming in and out of the business.
The best cash management system that I know of is Profit First. It’s really just the envelope system of budgeting modernized and adapted for businesses today. It’s very easy to use and can be customized to your unique business.
Profit First can be adapted for your business, just like simple ingredients like flour and sugar can be adapted to your specific cookie recipe.
There are a million other ways to take a base ingredient and use it in a way that works for your business, but you might not know about them. That’s why I’ve collaborated with twenty other people to write a book titled Uncommon Results, which launched on March 29, 2022.
The book is a collaboration of different people, myself included, who each wrote a chapter about our area of expertise. Our goal in writing this book was to help you and others understand what we did with our businesses and how you can apply those same principles to your business.
I highly recommend you pick up the book because the best thing you can do is learn from others. You know that you don’t need to reinvent the wheel to have a successful business and that there are lots of different ingredients you can use in different ways, but you may not know about all the possibilities and ideas that might be effective for you. You can purchase the book here for $0.99!
What’s Your Recipe for Business?
Most businesses have the same basic elements but they’re still all a little bit unique. You can take the ideas from all of us who wrote about our specific businesses in Uncommon Results and implement them in a way that works for you. Pick up the book and please let me know if you have any questions.