Rinse and Repeat: Repetition is a key learning strategy

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The Spring quarter is about to start, and we’ve been figuring out the story revealed by your financials. Where are you at? Are you feeling the optimism of Spring at the results, or are you feeling defeated because the story reveals you’re not at the level you must be to succeed?

First, let’s all breathe – take in a breath and let it out slowly, finding a place in your mind clear from distractions . . .

Listen: . . . just because you have learned the numbers doesn’t mean you stop, and just because the story you discovered fits a scary genre doesn’t mean you’ve failed. This is a learning process, and if we break that down, both words deal with stages and steps; learning takes you through phases of ignorance to enlightenment while a process brings you through sequential moments that culminate in a final outcome. No where does it say each step or phase only occurs once.

Rinse and Repeat

Before dry shampoo sprayed our hair clean, directions on shampoo bottles were pretty cut and dry: rinse and repeat. Apply the product not once, but twice; apply the method not once, but twice. Same thing goes for understanding your interior design financial statements.

  • Review. Did you take my course, Understanding Your Financials, listen to an interior design podcast, or use another type of resource? Go back. Take it again. Review the information. Like watching a movie for the second time, you will notice something that you didn’t the first time; you will glean something new, and that might make all the difference.

  • Re-apply. Gather your interior design business plan, your interior design fee structure, your accounting reports, etc. Work the numbers through and perform analyses of your interior design profit margin. You’re looking for new options to pursue or connections that you missed the first time. Make sure you’ve got the right story. It’s always possible to adjust your interior design business plan for a different, better outcome.

  • Repeat. Repetition is the key to learning. We don’t always grasp something the first time through. We don’t shampoo our hair once a year (shudder at the thought!). Don’t just learn about your financial statements and stop. Keep learning. The goal is to re-visit your financial statements habitually; establish a process that includes financial reviews. Your story will always be changing, your goals are subject to change, and the world delivers surprises all the time. Therefore, you need to make this a constant part of your business.

A Wealth of Knowledge

A good way to foster learning is to gather a library of resources. Provide accessible and easy-to-reach information so that you will return to and use your resources:

  1. Make a collection of training videos, podcasts, articles, etc. in a folder on your computer

  2. Put links to good sites into a document

  3. Use your Favorites Bar on your internet browser (Internet Explorer, Chrome, Firefox, etc.)

Then, rinse and repeat: re-read, re-listen, re-watch, and re-apply the lessons.

Make a Choice to Profit Today! - Are you a business owner and you are trying to get a "handle" on your finances? Enroll in "Understanding Your Financials" today to see how you can reach your business/financial goals.

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