What could be so important that every single business needs to do this one…thing?
Let’s narrow this down a bit.
This includes not only all for-profit enterprises but also all non-profits too (the federal government is exempt).
Sole-proprietors, Fortune 500 companies, mom and pop businesses and everyone in between.
Well-meaning, great non-profits that provide wonderful services to people all over the world as well as the ones in your community.
Even religious institutions who don’t even need to worry about taxes or standardized financial data need to do this.
What is so important that every business, non-profit, B, C or S-Corporation, ESOP, religious organization, 501 c3, c4, c6, and c to the nth power needs to accomplish?
They must make a profit.
The existence of your organization, regardless of what happens after you earn it, depends on a profit. Total revenue must exceed total expenses, year in and year out or the mission, vision, and services die with it.
If you are not on track to make a profit, (or worse yet, don’t know whether you are), it’s time to take the company off autopilot and manage the business. Make the hard decisions, do what needs to be done for your organization to survive.